AmCham Chairman and CEO James Kim delivers his opening remarks during the AmCham Automotive Summit 2024, held at the Grand Hyatt Seoul, Tuesday. (AmCham)

The American Chamber of Commerce in Korea hosted the AmCham Automotive Summit 2024 on Tuesday at the Grand Hyatt Seoul to provide insights into the impact of sustainability initiatives on the automotive industry.

Partnered with US applied safety science company UL Solutions and automobile manufacturer General Motors, the event brought together key government officials and industry leaders to explore the vast spectrum of changes within the industry.

Under the theme, "Future Mobility Technology: Safety, Security and Sustainability," topics ranged from innovative product development, the creation of sustainable products, the generation of sustainable revenues and the enhancement of consumer satisfaction.

"Today, we find ourselves at a critical juncture in the automotive landscape,” AmCham Chairman and CEO James Kim said during his opening remarks. “With rapid technological advancements and a growing emphasis on sustainability, our industry is witnessing profound shifts in how we innovate, manufacture and consume vehicles.”

Kim noted that sustainability is key to the KORUS alliance and emphasized the persistent power of collaboration and innovation between the two countries.

Jennifer Scanlon, president and CEO of UL Solutions, shared her insights on the automotive industry's endless innovations and Korea's important role in the global market.

"The Korean automotive industry is a global powerhouse, and we are honored to work with our valued customers during this dynamic time," Scanlon said. “Together, we are building a future that is not only thriving but also safer, more secure and more sustainable."

The discussions further navigated sustainable transportation, examining key transitions such as the decline in battery electric vehicles, the increasing demand for hybrid electric vehicles and the crucial influence of life-cycle analysis on technology development. The potential of renewable fuels and hydrogen within the changing landscape were also discussed throughout the event.