Hyundai Motor Group Executive Chair Chung Euisun visited Hyundai Motor’s manufacturing plant in the Czech Republic during the Chuseok holidays last week, emphasizing the importance of the facility as the automaker’s key outpost for the European electric vehicle (EV) market, the group said Sunday.
According to the group, Chung visited Hyundai Motor Manufacturing Czech (HMMC) in Ostrava on Thursday (local time) and held meetings with executives and employees to express his gratitude for their work. Chung visited the Czech Republic as part of a business delegation accompanying President Yoon Suk Yeol during his recent visit to the European nation.
“I want to express my gratitude to the members of HMMC for their commitment, expertise and strong support,” Chung was quoted as saying. “As the key hub for future investments in our eco-friendly mobility vision and technology, HMMC plays pivotal roles for the sustainable success of Hyundai Motor Group despite the growing uncertainties in the global market.”
Hyundai Motor Group Executive Chair Chung Eui-sun, center, listens to an official at Hyundai Mobis’ battery system assembly plant in Hyundai Motor Manufacturing Czech in Ostrava, Thursday (local time), in this handout photo released on Sunday. Courtesy of Hyundai Motor Group
HMMC was established in 2008 and now stands as Hyundai Motor Group’s only European base capable of manufacturing EVs. Since it began assembling EVs and hybrid vehicles in 2020, the plant has delivered more than 466,000 eco-friendly vehicles as of last month.
Chung visited HMMC as uncertainties grow in the European electric vehicle (EV) market, the second largest in the world after China. With key European economies like Germany and the U.K. facing a slowdown, carmakers are pulling back on their EV strategies, concerned that weakened demand may persist longer than anticipated.
According to the European Automobile Manufacturers’ Association, industrial demand for electric vehicles in Europe edged up 0.6% year-on-year during the first seven months of this year, compared to a 28.2% growth for the entire year of 2023.
“Although we are facing difficulties due to the volatility of the EV market, we will have to double our efforts to facilitate innovation and sustainable growth,” Chung said, promising that the group will spare no investments for product quality and safety in order to retain HMMC’s productivity and profitability.
Hyundai Motor Group said it aims to navigate the current downturn by responding swiftly and flexibly to market fluctuations.
In terms of manufacturing and sales, Hyundai Motor plans to increase flexibility in its production lineup, which includes internal combustion engines, hybrids, and EVs, to better adapt to the shifting market conditions in Europe.
To address the slowdown in EV demand, Hyundai Motor plans to fill the sales gap with competitive hybrid SUV models, including the Tucson Hybrid.
Hyundai Motor said it seeks to reclaim its leading position in the EV market with key models such as the second-generation Kona Electric, produced at its Czech plant, the IONIQ 5 exported from Korea, and the upcoming Casper Electric, locally known as the Inster, set to launch in Europe later this year.
Kia, an affiliate of Hyundai Motor, will release an upgraded version of its EV6 and introduce a more affordable trim for the EV9. The company also plans to expand its electric vehicle lineup with the launch of the EV3, which will make its global debut in Europe later this year.
Hyundai Motor Group Executive Chair Chung Euisun, center, poses with officials of Hyundai Motor Manufacturing Czech during his visit to a plant in Ostrava, Thursday (local time), in this handout photo released on Sunday. Courtesy of Hyundai Motor Group
Hyundai Motor Group said both brands, Hyundai and Kia, will adopt a more resilient growth strategy to address the volatility in the European EV market.
Hyundai Motor plans to gradually increase the production of locally manufactured EVs to align with industrial demand in preparation for a recovery in the European EV market. Kia is also accelerating efforts to establish a local EV production facility in Slovakia, with plans to begin operations in the second half of next year.
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Publish date : 2024-09-22 07:00:00
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