Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
Hyundai Motor chief's leadership in spotlight for Q1 revenue achievement
Hyundai Motor's IONIQ 6 / Courtesy of Hyundai Motor Group
By Kim Hyun-bin
By Kim Hyun-bin
Hyundai Motor exceeded the revenue of Samsung Electronics in the first quarter, the first time in 14 years the carmaker took over the top spot since the introduction of the international fiscal year in 2009.
Many experts believe this is attributable to the bold leadership of Executive Chair Chung Euisun, who led early investments into and adoption of innovative new technologies such as electric vehicles (EV) and robotics.
Hyundai Motor recorded sales of 37.7 trillion won ($28.1 billion) and an operating profit of 3.59 trillion won in the first quarter of this year. Both sales and operating profit are at all-time highs on a quarterly basis.
Hyundai Motor Group Executive Chair Chung Euisun
In terms of profits, the company surpassed Samsung Electronics and ranked first among listed companies. Its annual operating profit is expected to exceed 10 trillion won. Kia also recorded sales of 23.6 trillion won and a profit of 2.8 trillion won.
Hyundai Motor and Kia's combined operating profit is expected to reach about 6.5 trillion won, surpassing Japan's Toyota, which ranked first in global sales last year, and becoming the world's second-largest carmaker. In first place is expected to be Germany's Volkswagen Group.
Hyundai Motor and Kia's operating margin in the first quarter was in the double digits at 10.5 percent. This is the highest level in about 11 years since 10.9 percent in the second quarter of 2012. Kia's operating margin was 12.1 percent, higher than that of Tesla. Sales of high-value-added models such as Genesis and SUVs increased, and strategies for minimizing incentives were effective.
Chung, who took office in October 2020, did not miss the rapid transition of the automotive industry to the EV era, making bold investments and recruiting key personnel in the field, as well as introducing a dedicated EV platform.
“Rather than chasing change while fearing the upcoming crisis, we must lead the future one step ahead and turn the crisis into an opportunity,” Chung said during his New Year Address in 2023.
Chung has highlighted the importance of Hyundai Motor Group transforming into a company providing a better life for humanity, with a focus on robotics and urban air mobility (UAM), instead of remaining solely in the traditional car industry.