By Kim Tae-gyu
Hyundai Motor Group Vice Chairman Chung Eui-sun is apparently seeking to find new momentum in emerging markets in Asia and South America where demand for cars is growing fast.
The heir apparent at Korea's second-largest conglomerate visited India, Turkey and Oman last week to check out the potential-laden markets.
By contrast, Chung cared more about developed markets in the past, such as the United States and Europe.
"It is understandable for Chung to visit India and Turkey because they accommodate Hyundai plants that are significant in the company's global strategy," said an analyst at a Seoul brokerage who asked not to be named.
"But it was a surprise for him to visit Oman, where Hyundai does not have production facilities, and that is why the local media wrote articles to learn his intentions. I guess he puts great weight on Middle East markets as next-generation growth engines."
Unlike nearby Europe, which has slumped in recent years, the Middle East has shown increasing demand for vehicles, thus attracting global automotive leaders.
Hyundai Motor and its sister firm, Kia Motors, also saw their sales almost double in four years ― their combined sales in the Middle East amounted to some 118,700 cars in 2009, but the figures jumped to 196,800 last year.
That performance is expected to improve further this year.
Chung is also poised to fly to Brazil next month just ahead of the Brazil World Cup.
He is expected to monitor marketing activities for the quadrennial event for which Hyundai is the official sponsor. Plus, he is expected to study the viability of jacking up the automaker's production capacity there.
The possibility also emerged that Chung will soon visit China to accelerate the construction of the company's fourth Chinese plant in Chongqing.
Chung did not forget about the current bread-earners of the Seoul-based group ― he visited Hyundai's U.S. factory in February and participated in a motor show in New York last month to launch the new Sonata.
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| Chung Eui-sun, Hyundai Motor Group vice chairman |
The heir apparent at Korea's second-largest conglomerate visited India, Turkey and Oman last week to check out the potential-laden markets.
By contrast, Chung cared more about developed markets in the past, such as the United States and Europe.
"It is understandable for Chung to visit India and Turkey because they accommodate Hyundai plants that are significant in the company's global strategy," said an analyst at a Seoul brokerage who asked not to be named.
"But it was a surprise for him to visit Oman, where Hyundai does not have production facilities, and that is why the local media wrote articles to learn his intentions. I guess he puts great weight on Middle East markets as next-generation growth engines."
Unlike nearby Europe, which has slumped in recent years, the Middle East has shown increasing demand for vehicles, thus attracting global automotive leaders.
Hyundai Motor and its sister firm, Kia Motors, also saw their sales almost double in four years ― their combined sales in the Middle East amounted to some 118,700 cars in 2009, but the figures jumped to 196,800 last year.
That performance is expected to improve further this year.
Chung is also poised to fly to Brazil next month just ahead of the Brazil World Cup.
He is expected to monitor marketing activities for the quadrennial event for which Hyundai is the official sponsor. Plus, he is expected to study the viability of jacking up the automaker's production capacity there.
The possibility also emerged that Chung will soon visit China to accelerate the construction of the company's fourth Chinese plant in Chongqing.
Chung did not forget about the current bread-earners of the Seoul-based group ― he visited Hyundai's U.S. factory in February and participated in a motor show in New York last month to launch the new Sonata.
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