In the face of geopolitical uncertainty and a constantly evolving global business environment, Hyundai Motor Group Executive Chair Euisun Chung said in an annual address this week that the company should embrace change and pursue innovation.
In doing so, “we can overcome any test or difficulty we may face,” Chung said Monday in his new year’s address, during which he discussed the company's plan and strategic direction for 2025.
Hyundai seeks to maintain its momentum amid a cooling global sales environment. In October, the automaker reported Q3 year-over-year revenue gains of 4.7%, but despite that success made hundreds of mid-level and high-ranking executive changes to close out the year. The company said the moves were part of a strategy to place leaders with successful track records in positions to guide it through uncertainties in the global business environment.
Chung said there are growth opportunities for Hyundai throughout its global operations, adding that by committing to innovation and through collaboration the company can create future opportunities. “Innovation is in Hyundai Motor Group’s DNA,” he said.
Hyundai’s innovation includes cultivating partnerships to drive growth such as its alliance with Samsung to develop software-defined vehicle technology and collaboration with Amazon in which U.S. shoppers can purchase vehicles through the e-commerce giant’s Amazon Autos website.
Chung said evolving consumer preferences, technological evolution in the mobility industry, emerging competitors and the accelerating pace of innovation will make 2025 a year of complex global dynamics. However, the company shouldn’t fear uncertainty, he said.
“Without challenges, we risk becoming complacent, which presents a bigger danger,” Chung said.
Chung said that while the company faces “predictable and unexpected” challenges, it is prepared to tackle them.
He said preparation is key in overcoming predictable challenges, adding that “it’s not simply about eliminating risks, but about a comprehensive understanding of the background, context, and historical trends to create opportunities for future growth.”
When faced with the unexpected, the company must be flexible and agile, Chung said.
“We cannot assume success in 2025 simply because of our strong performance last year,” he said. “But we should also not be pessimistic as a defensive mindset can stifle innovation.”
