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| Hyundai Motor CEO Chang Jae-hoon, second from left, and Hyundai Motor Company Global President and Chief Operating Officer (COO) Jose Munoz, right attend the firm's general shareholders' meeting at the company headquarters in Seocho, Seoul, Thursday. Courtesy of Hyundai Motor |
By Lee Kyung-min
Hyundai Motor has added financial product sales and auto dealership businesses to its list of corporate activities, in a declaration to enter the used car market, the auto giant said on Thursday.
Among its new growth objectives was the auto giant becoming a leader, defined by software-centered operation. The plan, according to the firm, is a gradual step towards transitioning as a mobility powerhouse to lead the global electric vehicle (EV) industry paradigm.
The firm said its new business portfolio will enable easier access to consumers looking for vehicles of solid quality, as mediated by credit-based, affordable financing programs.
"The financing program will first and foremost lessen the burden of buying used cars of great quality, as certified by our quality assurance programs," Hyundai Motor CEO Chang Jae-hoon said during the shareholders' meeting at the firm headquarters in Seocho, Seoul. "The quality of the cars will be closely managed to help them retain value even after years of use."
The firm added that Hyundai Motor Company Global President and Chief Operating Officer (COO) Jose Munoz will serve as one of the directors on the company board.
The new and expanded role given to the Hyundai and Genesis Motor North America President and CEO will help to propel the firm's overseas market presence, reinforced by over three decades of his experience in the auto businesses.
Munoz's addition will fortify the firm's capabilities to better understand rapidly changing global business conditions and help outline subsequent tailored growth strategies, Hyundai said.
Munoz joined Hyundai Motor in May 2019 and has since been instrumental in bolstering corporate performance through years of uncertainties brought on and amplified by the COVID-19 pandemic as well as the automotive semiconductor supply bottleneck crisis.
Meanwhile, Chang said the year 2023 will be a testing time. The bleak assessment is reflective of industry consensus on a sustained slowdown in demand for EVs.
The consensus is exacerbated further by heightened global uncertainties including high borrowing costs and economic downturn. Also at play is global supply chain instability and supply-demand mismatch in global commodities, especially raw materials.
"The slew of unfavorable conditions notwithstanding, Hyundai will fortify local production capabilities to cement lead in emerging markets where demand for EVs is showing signs of growth. We will strengthen our competitive edge against our top global peers, many of whom will roll out a variety of more affordable, user-friendly lineups."
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