Euisun Chung, executive chairman and CEO of Hyundai Motor, is making significant strides in the electric-vehicle market. The company recently broke ground on an EV-dedicated plant in Ulsan, with plans to invest $18 billion in domestic EV output by 2030. Hyundai aims to become one of the top global players in the industry, increasing its EV model lineup to 31 and total output to 3.6 million units by 2030.
In the U.S., Hyundai is gaining momentum, selling over 28,000 EVs in the third quarter, surpassing both Ford and General Motors in sales. The company also has an EV factory in Georgia in the works, further solidifying its presence in the American market. Euisun Chung’s leadership in pushing for Hyundai’s expansion in the EV industry has been impactful.
Euisun Chung’s father, Mong-Koo Chung, who serves as the honorary chairman of Hyundai Motor, has also seen a rise in his fortunes. Both father and son have seen their wealth derived from Hyundai Motor group companies increase, with Mong-Koo Chung ranking at No. 5 and Euisun Chung at No. 10 on the list of Korea’s Richest 2024. The Chungs’ success reflects Hyundai’s growing influence in the global automotive market.
The Chungs’ dedication to advancing Hyundai’s position in the electric-vehicle sector is evident through their significant investments and expansion plans. By increasing their EV model lineup and total output, Hyundai is positioning itself to become a key player in the industry by 2030. The company’s focus on innovation and sustainability is driving its success in the competitive automotive market.
As Hyundai continues to make significant strides in the EV market, Euisun Chung’s leadership is paramount in driving the company’s growth and success. With a strong presence in the U.S. and ambitious expansion plans, Hyundai is well-positioned to compete on a global scale. The company’s commitment to embracing new technologies and sustainable practices is setting it apart in the evolving automotive industry.
Overall, the Chungs’ vision for Hyundai’s future in the electric-vehicle market is promising. With ongoing investments, expansion plans, and a focus on innovation, Hyundai is on track to establish itself as a major player in the global EV industry. The company’s success under Euisun Chung’s leadership solidifies its position as a key player in the evolving automotive landscape.
