Hyundai Motor Group, South Korea's biggest carmaker by sales, on Friday named the group's heir apparent as its executive vice chairman amid growing uncertainties in the global automobile market.
Chung Eui-sun, 49, as the executive vice chairman, will assist his father and the conglomerate's Chairman Chung Mong-koo, 81, in responding to the spread of protectionism in major trading partners, such as the United States and China, and tougher competition from rivals, the group said in a statement.
The appointment is the chairman's decision and is aimed at securing new growth drivers in the era of the Fourth Industrial Revolution, which is characterized by the convergence of cutting-edge technologies such as artificial intelligence.
Hyundai Motor and Kia Motors Corp., two key affiliates of the Korean auto group, together form the world's fifth-biggest carmaker by sales. (yonhap)