![[Photo News] HD Hyundai's motor show debut](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F04%2F09%2Fnews-p.v1.20250409.f776c6fca73d462e9488d237a73b6aeb_T1.jpg&w=3840&q=100)
[Photo News] HD Hyundai's motor show debut
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Korea Herald
3 days ago
- Korea Herald
Hyundai's Chung family honored for shaping global auto industry
Chung Euisun to receive Automotive News Centennial Award in Detroit in September Current and former leaders of Hyundai Motor Group have been recognized for their monumental contributions to the global automotive industry, the Korean auto conglomerate said Monday. According to Hyundai Motor, Executive Chair Chung Euisun, Honorary Chairman Chung Mong-koo and late founding chairman Chung Ju-yung were selected as recipients of the Automotive News Centennial Award, an accolade to commemorate the 100th anniversary of the US-based media outlet specializing in the automotive industry. Automotive News tapped the current and former leaders of Hyundai Motor as key individuals who advanced mobility through the conglomerate's three brands: Hyundai Motor Company, Kia and Genesis. It noted the company has achieved significant success across the world, most recently under Executive Chair Chung, who took the top leadership position in October 2020 and built on the legacy of his father, Chung Mong-koo, and his grandfather, Chung Ju-yung. 'I have always believed that innovation must serve humanity, and that progress is only meaningful when it improves people's lives,' said Executive Chair Chung. 'This recognition reflects the input and trust from our employees, partners and customers who inspire us to think boldly and push the boundaries of what's possible. We remain committed to creating innovative, customer-focused and more sustainable solutions that enrich lives and drive progress for people and the planet.' Since 2022, Hyundai Motor and Kia have won 12 World Car Awards, including four consecutive world car of the year trophies with the Hyundai Ioniq 5, Ioniq 6 and Kia EV9 and EV3. The auto conglomerate has been bolstering investment in electric transformation, hydrogen fuel cell technology, software-defined vehicles, robotics, autonomous driving and advanced air mobility as it aims to lead the global mobility sector. Automotive News recognized the impact of Hyundai Motor's former leaders, noting that their vision and leadership turned Korea into an automotive powerhouse as the carmaker propelled the country's economic development. "For three generations, the Chung family has shaped the global automotive industry through vision, innovation and an unwavering commitment to excellence,' said KC Crain, publisher of Automotive News. 'Under Executive Chair Euisun Chung's leadership, Hyundai Motor Group has honored that legacy while transforming into a global powerhouse — leading in sales, technology, quality and style, and earning deep customer loyalty along the way.' Executive Chair Chung credited his grandfather's focus on people for influencing the belief that customers shape the future and the automaker's customer-first approach. He also mentioned his father as a leader who relentlessly sought global opportunities with great commitment to improving the quality and safety of cars. The Hyundai Motor tycoon is scheduled to attend the Automotive News Congress in Detroit on Sept. 11 this year, as he will receive the centennial award and participate in a keynote discussion.
![[Exclusive] Samsung SDI revamps sales under CEO amid push for global orders](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F08%2F17%2Fnews-p.v1.20250817.3f0109e83f4a413c86fa0e3f2e7cd54b_T1.jpg&w=3840&q=100)
Korea Herald
4 days ago
- Korea Herald
[Exclusive] Samsung SDI revamps sales under CEO amid push for global orders
Move consolidates customer order management, strengthens push for package deals with global automakers Samsung SDI has recently merged its sales teams into a single unit directly overseen by CEO Choi Joo-sun, in an apparent bid to ramp up battery orders across applications ranging from electric vehicles to energy storage systems. According to industry sources on Sunday, the battery maker affiliated with Samsung Electronics restructured its strategy marketing office earlier this month as part of a broader organizational reshuffle. Previously, the company's sales teams operated under separate battery and materials business divisions. Now, they have been consolidated into a unified strategy marketing office that reports directly to the CEO. 'The elevated status demonstrates the company's strong commitment to driving sales and securing overseas orders,' said an industry source familiar with the matter, who requested anonymity. Another source confirmed the change, saying, 'This is a strategic move to consolidate all customer order management functions into a single organization.' Until 2021, Samsung SDI operated the strategy marketing office as an independent division, before splitting it into three business units: one for small batteries, such as cylindrical and pouch lithium-ion cells used in electronic devices and two-wheelers; another for medium- and large-sized prismatic and cylindrical batteries for EVs and ESS; and a third for electronic materials. Even within each unit, marketing activities were reportedly managed separately by application and form factor. 'This shift allows for more streamlined and efficient supply agreements, such as 'package deals' with global OEMs like General Motors and Tesla, which have been seeking multiple battery form factors and applications,' the source added. The restructuring also signals that Samsung SDI is adopting a more aggressive approach to securing corporate orders compared to rivals LG Energy Solution and SK On, which continue to operate separate sales teams under each business division. Samsung SDI's renewed push comes after two consecutive quarterly operating losses, largely due to weak demand for EV batteries from OEMs and reduced profitability in the US ESS market, partly tied to tariffs on automobiles and related components. During its second-quarter earnings call, the company vowed to step up efforts to win global battery orders. 'We have secured orders for cylindrical batteries measuring 46 millimeters in diameter for premium EVs from a leading European global OEM, and we are currently negotiating supply contracts for commercial EVs with a North American startup,' said Kim Jong-sung, executive vice president of Samsung SDI's business management office. He added that the company is also in talks with another major European automaker regarding entry-level EV lithium iron phosphate prismatic batteries, as well as nickel, cobalt and aluminum prismatic cells for commercial vehicles. According to Kim Soo-hwan, head of the mid-to-large battery division, Samsung SDI has so far pursued a premium EV battery strategy but now intends to target the entry-level market as well, reflecting rapid growth in the budget EV segment. In the ESS sector, Samsung SDI plans to convert part of its first joint venture battery cell plant with Stellantis from EV to ESS production. With mass production scheduled to begin in the fourth quarter of this year, Kim emphasized that the company has already secured orders for the line through next year.
Korea Herald
7 days ago
- Korea Herald
Korean tycoons to join Lee for Trump summit
South Korea's top conglomerate leaders will join President Lee Jae Myung on a US visit next week for his summit with US President Donald Trump, aiming to promote major investments in strategic sectors including semiconductors, batteries, automobiles and shipbuilding, according to industry sources Thursday. The Aug. 24-26 trip will feature four chaebol heads — Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Chung Euisun and LG Group Chairman Koo Kwang-mo — along with executives from leading shipbuilding, aviation and defense firms. The delegation will be tightly focused on the Aug. 25 White House summit, with the government assembling a compact, high-impact team capable of announcing significant US investments. Samsung is operating and building foundry plants worth $37 billion in Austin and Taylor, Texas, while SK hynix is investing $3.87 billion in an advanced packaging plant for its cutting-edge high bandwidth memory chips in Indiana. Hyundai's Chung met Trump in March, pledging $21 billion in new US projects, including a steel plant. LG Energy Solution is also investing about 30 trillion won ($21.7 billion) across the US, including a 7-trillion-won facility in Arizona. The four chaebol groups are expected to discuss semiconductor expansion and AI chip partnerships, as well as electric vehicle and battery production growth, and Inflation Reduction Act subsidies, during the visit. Hanwha Group Vice Chairman Kim Dong-kwan and HD Hyundai Senior Vice Chairman Chung Ki-sun, who are part of the delegation, are also expected to announce new deals as their companies are both central to the Korea-US shipbuilding cooperation initiative known as the MASGA project. Hanwha acquired Philly Shipyard last year, while HD Hyundai secured a US Navy maintenance contract. Korean Air Chairman Cho Won-tae, traveling with the delegation, recently signed $32.7 billion in supply agreements with Boeing and GE Aerospace. Ahead of the departure, the president will meet the delegation to review each company's investment pledges, tailoring the 'Korea Sales' campaign to appeal to Trump's preference for favorable reciprocal deals, sources say. "The summit agenda is expected to cover economic cooperation in manufacturing, advanced technology and key minerals, with an aim to further strengthen the bilateral economic security partnership," Presidential spokesperson Kang Yu-jung said.
