HD Hyundai chief calls for ‘unrivaled tech’ amid rising competition

HD Hyundai Chair Chung Ki-sun (HD Hyundai)

HD Hyundai Chair Chung Ki-sun highlighted record growth in 2025 and urged the group to accelerate innovation and execution amid intensifying global competition and rising protectionism, in his New Year’s address Wednesday.

Chung said the group reached a market capitalization of 100 trillion won ($69.5 billion) in 2025, fifth in Korea, driven by growth in its shipbuilding and power equipment businesses.

The group also marked the world’s first 5,000-vessel delivery, while expanding investments into new business areas such as artificial intelligence, small modular nuclear reactors and fuel cells, alongside restructuring efforts across shipbuilding, construction equipment and petrochemicals, he added.

He warned that recent US tariff hikes have accelerated a global shift from free trade toward protectionism, while persistent oversupply from China continues to pressure global markets. Competitors now pursue scale and competitiveness through mergers and acquisitions, he said.

“The shipbuilding industry, where the group maintains global leadership, faces the same pressures,” Chung said, noting that Chinese shipbuilders already surpass the group in quantitative terms such as order volume. He added that Chinese companies increasingly encroach on multiple markets, leveraging improved technology and price competitiveness.

Chung called for the development of “unrivaled technology and products.” Customer sea trials have confirmed that the group’s vessels deliver more than 20 percent higher fuel efficiency than Chinese counterparts. Its next-generation construction equipment also shows superior fuel efficiency and maneuverability, gaining traction in Europe.

Still, Chung stressed that leadership requires more than incremental improvement, urging early development and commercialization of breakthrough technologies while maintaining competitiveness in quality, performance and cost.

He also urged a “fearless challenge,” citing difficult tasks ahead, including mergers among affiliates, restructuring in its petrochemical business, digital transformation at shipyards and overseas expansion across the group. Chung pledged to eliminate inertia and create conditions that encourage decisive action.

Emphasizing organizational health, Chung said he would foster a results-driven culture that allows employees to focus on their work and supports long-term growth. He concluded by stressing that bold innovation cannot succeed without safety, urging groupwide efforts to build the safest possible workplaces.