Business Maverick: Apple Car Fracas Marks First Public Setback for Hyundai Boss

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Hyundai Motor Group Chairman Euisun Chung -- central to the company’s transformation from conventional carmaker to mobility giant promoting flying cars and hydrogen-fuel cells -- had his first, very public, stumble this week.

On Monday, after a month of intense speculation around who may team with Apple Inc. to help develop its much-vaunted self-driving electric car, Hyundai Motor Co. and its affiliate Kia Motors Corp. were forced in separate exchange filings to say they

It’s also an unfortunate setback in what has been a relatively smooth run for Chung thus far. In his four months at the helm, and during his previous tenure, Chung has demonstrated his dealmaking prowess and set Hyundai on a course that noses it toward a cleaner, greener future. “We need to transform the group from being a follower into a leader in the industry with innovative ideas,” Chung said in his speech to staff in January 2019. “We have to shift away a culture where failures are avoided and criticized to a culture where we embrace failures and learn from them.”

 

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