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Hyundai joins hands with Revv in India

South Korean auto maker Hyundai today announced a partnership with self-drive car sharing firm Revv in the country. The partnership entails development of an innovative car sharing service and conducts creative marketing activities in India, the auto major said in a statement.

The company’s strategic investment and partnership will enable both Hyundai Motor and Revv to build competency and the technology necessary for leading the future mobility market in India, it added.

It , however, did not disclose the financial details.

“Hyundai Motor India has been growing rapidly with its outstanding performance to become a strong market leader in India,” Hyundai Motor India MD and CEO Y K Koo said.

The company is just about to step forward and expand its business into the future mobility with Revv, he added.

“Hyundai Motor India will build prominent system with both ‘Open Innovation’ strategy and India’s fastest growing self-drive car sharing company, Revv,” Koo said.

Hyundai Motor, which is the only automotive company among Revv’s investors, will explore ways to support Revv’s car sharing service, including the supply of car sharing products, the development of new mobility service platforms, and product marketing.

Commenting on the development, Revv co-founder Anupam Agarwal said the mobility industry is going through a dramatic shift globally, with the bulk of the innovation still to come.

“We want to be at the forefront of creating innovative solutions that can meaningfully shape this shift, and Hyundai Motor will play a crucial part in this mission,” he added.

The self-drive segment in the country has been showing exponential growth, expanding from $900 million in 2016 to $1.5 billion in 2018, and projected to expand to $2 billion by 2020.

India’s 15,000 car sharing vehicles are expected to grow to 50,000 by 2020, and 150,000 by 2022, as per the company estimates.

Hyundai Motor heir takes over from father after 20 years in waiting

SEOUL – Hyundai Motor Group appointed Euisun Chung as group chairman on Wednesday, cementing his succession from his octogenarian father in a move likely to give impetus to the world’s fifth-largest automaker’s push into electric vehicles and flying cars.

In the first generational handover at the South Korean automobile giant in 20 years, Chung, 49, said he hoped to lead change at South Korea’s second-biggest conglomerate as it battles to stay ahead of the pack in a time of rapid technological innovation in the global auto industry.

“Carrying on their bold and innovative legacies, I feel privileged, yet also a sense of great responsibility for opening a new chapter of Hyundai Motor Group,” Chung said in his inauguration speech to employees.

Chung identified autonomous driving, electrification, hydrogen fuel cell, robotics and Urban Air Mobility (UAM) – industry jargon for flying cars – as his initiatives for the future.

Hyundai Motor shares were trading up 0.3% after rising as much as 2.5% after the appointment, while the wider market was down 0.6%. Kia Motors and Hyundai Mobis fell 1.6% and 1.1%, respectively.

Hyundai Motor Group earlier on Wednesday said Chung had been promoted to chairman from executive vice chairman, replacing his father, Mong-Koo Chung, who was made honorary chairman.

Key affiliates of Hyundai Motor Group, including Hyundai Motor, endorsed his inauguration unanimously.

The appointment makes Chung the latest third-generation leader to take over one of South Korea’s family-led conglomerates, which have been credited with lifting the war-stricken country out of poverty since the 1950s.

His father took the wheels of the group in 2000 and transformed the company, once mocked for poor vehicle quality, into the world’s No.5 automaker.

The 82-year-old has been stepping back from frontline operations in recent years, and gave up his board seat in Hyundai Motor earlier this year.

Euisun Chung has played an increasingly visible leadership role since September 2018 when he was promoted to executive vice chairman.

Hyundai Motor Group invested $1.6 billion in a self-driving technology joint venture with U.S. Aptiv, forged a partnership with Uber on electric air taxis and invested in ride-hailing firm Grab.

In July Chung set a goal to win more than 10% of the global market for battery EVs by 2025.

Legacy automakers with similar ambitions face a growing threat from Tesla Inc, which has become the most valuable automaker. Hyundai recently said it plans to recall its top-selling EVs because of battery fire risks.

Euisun Chung does not have a major stake in Hyundai Mobis , an affiliate seen as key to control of the group, and is expected to renew the push for ownership restructuring to cement his influence after a previous attempt in 2018 met shareholder opposition.

Chung is credited with steering the turnaround of Kia Motors by hiring former Audi designer Peter Schreyer. As vice chairman of Hyundai Motor, he also launched the luxury brand Genesis in 2015.