Seoul — South Korea’s Hyundai Motor Group has flagged another year of tepid car sales growth on the back of a slow 2018, saying trade protectionism adds uncertainty and major markets such as the US and China remain sluggish. In his first New Year address to employees, group heir apparent Chung Eui-sun said Hyundai Motor Co and Kia Motors Corp would complete a restructuring of South Korea’s second-biggest conglomerate, which is widely expected to pave the way for him to formally succeed his octogenarian father as head of the group. The complicated succession plans come as Hyundai contends with a clutch of problems that have cost it market share in China and the US and stalled its rise up the ranks of global carmakers. It missed a boom in sports utility vehicles (SUVs), faces potential US tariffs and a US investigation over how it handled a vehicle recall, and lost ground in technological advances such as self-driving cars. “Business uncertainties are heightening as the global economy...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.