Hyundai Motor Group’s chairman Chung Mong-koo urged the carmaker’s global office heads to seek a breakthrough in the sluggish markets by strengthening the brand value of its luxury sedan and also by taking a lead in the green car segment.

“The company should raise its brand profile in the global luxury car market through the successful launch of Genesis G80 and G90 in the U.S. market,” the chairman told the company’s 60 global office heads at its biannual meeting held on Monday. 


“The company will expand the lineup of eco-friendly cars and double the production and sales of the green cars to lead the green vehicles.”

Calling innovation a key for survival, the chairman also stressed that the deteroriating market condition overseas is not a variable factor anymore but a fate that the carmaker should directly face.

“The challenging external environment is no longer a variable but an invariable. Only constant innovation can make (a company) survive in this time of uncertainty,” he said.

“We should analyze the market changes and strengthen systems to predict such changes,” he added.

His remark came as the company faces several challenges in the uncertain global markets after the Korean government recently decided to deploy THAAD, which China has opposed, and the U.K. pushed to leave the European Union. The automaker’s combined sales from China and Europe account for more than 30 percent of its total global sales.

In the first half, Hyundai Motor and Kia Motors sold 3.2 million units in the overseas market, a 4.2 percent fall year-on-year, because of sluggish sales in its key markets including the Middle East, Africa and the Central and South America.

In the later half too, the global auto market would not see significant growth, the automaker predicted. The company’s research institute estimated the global auto market would grow 2.4 percent only this year.

To expand its presence in global markets, the South Korean carmaker has been betting on green car business and premium markets.

Later this year, Hyundai Motor said it plans to roll out Ioniq Hybrid and Electronic in the U.S. and European markets, Kia’s Niro Hybrid in the European and China markets, K5 Hybrid in the U.S. market and K5 plug-in hybrid in the U.S. and European markets.

Hyundai plans to roll out G90 in the U.S. and the Middle East market this year, and G80 will also be launched in the U.S. market.

By Shin Ji-hye (shinjh@heraldcorp.com)