Hyundai Motor CEO stresses response to demand-driven market, software

Hyundai Motor Co. Chief Executive Officer Jaehoon Chang [Photo provided by Hyundai Motor]

Hyundai Motor Co. Chief Executive Officer Jaehoon Chang vowed to respond to a shift to a consumer-dominated market by optimizing production and sales, while reorganizing company-wide systems around software as part of the carmaker’s business strategy for this year.

During the company’s annual shareholder meeting in Seoul on Thursday, Chang proposed four strategic initiatives: responding to the transition to a demand-driven market, achieving a top-tier brand in electrification, preparing for future business and strengthening internal capabilities, and strengthening environmental, social, and governance management system.

At the same time, Chang warned that the company faces a headwind because of slow demand rising from higher interest rates and a slowdown in the economy, as well as disruptions in commodity supply.

“We will optimize production and sales and shorten logistics lead times to deliver what customers want when they want it,” Chang said regarding the company’s response to a consumer-driven market. “We will also reduce the out-of-pocket costs for our customers by strengthening our financing programs for new car buyers and providing reliable used vehicles through our certified pre-owned car business.”

Speaking about the electrification transition, Chang said the company will drive the mobility paradigm by transforming systems across the company with software at its core.

“We will maximize customer convenience throughout the use of electric vehicles, including enhanced charging convenience and service packages integrated with energy.”

Hyundai Motor will introduce the high-performance electric vehicle Ioniq 5 N, strengthen the local production system for electric vehicles and expand its dominance in electrification in emerging markets.

Regarding future strategies, Chang said the company will advance its manufacturing innovation technology through Hyundai Motor Group Innovation Center in Singapore and establish a global collaboration system in various areas such as robotics and advanced air mobility.