[KONA DEBUT] Hyundai heir rules out M&As
[THE INVESTOR] Hyundai Motor Group Vice Chairman and heir apparent Chung Eui-sun on June 13 ruled out possibility of buying other carmakers to broaden its brand portfolio, hinting at more partnerships with tech firms.
“At the moment, we don’t have plans to acquire other automakers,” Chung said during the official unveiling event of Hyundai’s first compact SUV Kona at the Hyundai Motor Studio in Goyang, Gyeonggi Province.
His comments came amid Chinese carmakers’ shopping spree of foreign car brands lately, including Geely’s recent purchase of British sports car maker Lotus.
Chung Eui-sun speaks at Kona's unveiling event in Goyang, Gyeonggi Province.
“Our sports car segment is small, but we are planning to further develop it, as well as our EV sector,” he said. “Hyundai is especially focusing on tying up with tech firms, including the ongoing project with Cisco,” he said.
“We also began partnering with Chinese Baidu, while continuing our ties with Uber. We expect to see more collaboration with other IT firms in the future to provide eco-friendly cars and develop future technology.”
Hyundai unveiled its much-touted Kona, the first subcompact SUV for the automaker. The car will start selling in the domestic market later this month, and then be introduced in Europe and the US.
By Ahn Sung-mi (firstname.lastname@example.org)