Chairman Chung Mong-koo of Hyundai Motor Group delivered his New Year speech for 2018 in which “Responsible Management” appeared to be the key words. He called on everyone in the company to work towards having pride and responsibility, leading reforms in the auto industry with 2018 being the initial year for Hyundai Auto Group’s “new jump” in operation.
The chairman laid out five major points in the group’s operational strategy for the new year, including the establishment of responsible management for every operational sector of the group, the exploration of new markets for its cars and securing a competitive edge in each of the new markets, boosting the number of new autos, boosting investments in the development of new cars to strengthen future core technologies, and building cooperative systems.
Warning that trade protectionism has been rising around the world while global economic growth remains sluggish, steep competition has been changing the global auto industry, requiring speedy responses to external conditions, the chairman said.
Hyundai Motor Group, the world's fifth-largest carmaker by sales, said Jan. 2 they are targeting sales of a combined 7.55 million vehicles this year, as slowing global economic growth weighs on demand in major markets.
Hyundai Motor Co. and its affiliate Kia Motors Corp. has set a new annual sales target for this year after missing its combined sales goal of 8.25 million cars last year, the group said in a statement.
"With low global economic growth and spreading protectionism in major trading partners, (Hyundai Motor Group) has to be quick in responding to rapidly changing business environments and taking the lead in future vehicle technologies," Hyundai Motor Group Chung said in the New Year message to employees.
The group aims to have 38 kinds of environment-friendly vehicles in its lineup, including 14 pure electric cars, by 2025.
In regards to the annual sales targets, Hyundai Motor Vice Chairman Yoon Yeo-chul said in the New Year speech to employees that the group expects weak global growth this year due to shrinking demand in the United States, China and Europe.
The sedan-heavy automaking group is belatedly beefing up its lineup with sport-utility vehicles to meet the growing demand. It is now putting a bigger focus on reviving sales by launching new and upgraded SUVs this year mainly in major markets such as the U.S. and China.
In 2017, the two carmakers likely sold an estimated 7.2 million units globally as their sales in China were hit hard by a diplomatic row with the world's biggest automobile market over the deployment of an advanced U.S. anti-missile system in South Korea.
Seoul and Beijing agreed in October to put their exchanges back on track, easing bilateral political tensions over the installation of the missile defense system, called THAAD, which the latter argued could be used against it. Hyundai is ready to take its fuel cell technology to another level.
In 2018, Hyundai will debut an all-new fuel cell vehicle. Hyundai’s director of eco-vehicle development, Ahn Byung-ki, told the publication that the new vehicle will lie “somewhere between a CUV and SUV.”
The new vehicle will have a smaller fuel cell and a larger battery, the report says. The electric motor will boast a higher output, but will be physically smaller than the one in the Tucson Fuel Cell.
Hyundai’s new fuel cell will debut just in time for the 2018 Winter Olympics in South Korea. Hyundai is taking full advantage of the opportunity, as it plans to market the new vehicle at the event. Hyundai may also introduce a fuel cell bus at the games.
“It’s a big event. That’s always a good opportunity for PR,” Ahn said.
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A view of the 2018 Santa Fe model.
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The 2018 Grandeur Hybrid model.
