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Euisun Chung Plans To Restructure The Automobile Conglomerate, Hyundai Motor Group

Owing to the sluggish market in America and China, Hyundai heir decides to restructure the automobile conglomerate.
BY BEx Bureau
BusinessEx
Jan 02, 2019

The heir of Hyundai Motor Group, Euisun Chung decides to restructure the organization. In the New Years meet with the employees, Chung directly hinted that he would be heading the group after his father.

The change has occurred in the unfavourable times when the company is grappling in the US and China. Diminished sales figures in the American and Chinese markets are indicative of the lost ground. At Hyundais, headquarter, Seoul, Euisun Chung says, Business uncertainties are heightening as the global economy continues to falter. Walls of protectionism are being constructed around the world. Further, he added, Internally, we face challenging tasks such as stabilizing business in major markets like the U.S. and China, while simultaneously enhancing our responsiveness to drive future growth."

(Source: Economic Times)

Lately, Hyundai Motor Co along with its partner company, Kia Motors Corp proclaimed a "conservative target" of 7.6 million sales for the year 2019. The target was primarily decided because of the losses the company has incurred in American as well as Chinese markets.

Analysts of the automobile conglomerate assessed the target, seeing the yesteryears estimated sales 7.3 million to 7.4 million. The actual sales figures are yet to be announced by the company.

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