Hyundai Motor chief vows AI-driven growth, faster decision-making

Seoul, Jan 5 (IANS) Hyundai Motor Group Executive Chair Euisun Chung said on Monday the artificial intelligence (AI)-driven industrial transition will create greater growth opportunities for the group, while calling for faster decision-making supported by clear and timely communication.

In a pre-recorded New Year's roundtable with senior executives, Chung said the group's extensive data on "moving physical assets" such as vehicles and robots, along with its manufacturing process data, constitutes a strong competitive edge in the AI era, reports Yonhap news agency.

"This is a powerful advantage that big tech companies cannot easily replicate," Chung said. "For Hyundai Motor Group, which possesses data, capital and manufacturing capabilities, AI is a game in which we have a strong chance of success."

He added that the group must broaden its business ecosystem through collaboration with a wide range of partners in the AI sector amid growing global uncertainties.

The South Korean automaker expects heightened uncertainty in the global business environment this year, driven by the restructuring of global supply chains, slowing economic growth and increasing geopolitical fragmentation.

Commenting on the year ahead, Chung said risks long anticipated by the group are likely to materialise.

To address these challenges, the chairman called for clearer situational awareness and more agile decision-making based on fast and transparent communication.

"Reports should include the reporting employee's own analysis and conclusions and be shared quickly with the right people at the right time," he said.

Chung also underscored the importance of organisational transformation rooted in deep reflection, as competition in the global automotive industry continues to intensify.

As for the group's future direction, Chung said significant growth opportunities lie ahead amid major shifts in artificial intelligence, software-defined vehicles (SDVs) and future mobility.

Previously, Hyundai Motor Group announced plans to invest 125.2 trillion won (US$86.5 billion) over five years through 2030.

"The investment will not only be used to expand the group's businesses but also to pursue qualitative growth," Chung said.