Hyundai Motor welcomes new chairman Zheng Yixuan to add electric vehicle charging business

At noon on March 19, Hyundai Motor issued a notice saying that Zheng Yixuan, the chief vice chairman of Hyundai Motor, had been appointed as the chairman of Hyundai Motor. This day is also the 82nd birthday of the previous chairman of Hyundai Motor, Zheng Mengjiu. After leaving office, Zheng Mengjiu retained only non-registered executives of Hyundai Motor and registered directors of Hyundai Mobis. At the same time, Hyundai Motor will also add electric vehicle charging and future travel business.

Zheng Yixuan is the only son of Zheng Mengjiu. Born in 1970, he completed his undergraduate and MBA studies at Korea University's School of Economics and Management and San Francisco State University. Zheng Yixuan joined Hyundai Motor in 1999 as the head of Hyundai Motor. He later held positions at Hyundai Mobis and Kia Motors. In September 2018, Zheng Yixuan was appointed as the chief vice president of Hyundai Motor Group in response to the "increasing global Trade disputes and changes in the competitive landscape of major markets. "


Zheng Yixuan, Chairman of Hyundai Motor Source: KH File Photo

Unlike Zheng Mengjiu, who advocated "pure bloodism," his early study abroad experience made Zheng Yixuan's vision more international. He once tried to disagree and promoted the designer of Volkswagen to be the head of Kia Motors' new car development.

In 2019, with the efforts of Zheng Yixuan, Hyundai Motor broke through for the first time with a number of foreign executives, such as hiring former executives from rival Posco as the general manager of Hyundai Steel Technology, and the former chief product of Nissan. Officer Jose Munoz serves as Global Chief Operating Officer.

However, Zheng Yixuan's future is not a smooth road.

According to official data, Hyundai Motor Group sold a total of 7.19 million new cars in the world in 2019, of which Hyundai Motor sold 4.42 million units and Kia Motors had 2.77 million units. It had not completed the previously set sales target of 7.6 million units.

In the Chinese market, Hyundai's situation is even more difficult. In 2019, Hyundai Motor's sales in China fell to 716,000, a year-on-year decrease of 9.4%. According to the analysis of Ping An Securities, the independent brand relies on the rise of the SUV market, the price of luxury brands has fallen, and the upper and lower hits have caused Hyundai Motor to lose its cost-effectiveness advantage. Since 2017, sales have fallen sharply.

In the future, Hyundai will make major breakthroughs in the field of new energy.

Zheng Yixuan said that Hyundai Motor will launch 38 new energy models by 2025, and it will become the top three electric vehicle manufacturers in the world by 2025.