Hyundai heir apparent Euisun Chung to be made chairman, report says

SEOUL-- Hyundai Motor Group's executive vice chairman Euisun Chung is set to be made chairman of the South Korean automaker as soon as Wednesday, Yonhap news agency reported, as he formally takes over the reins from his octogenarian father.

Hyundai Motor plans to hold a board meeting possibly on Wednesday to promote Chung to chairman of South Korea's second-largest conglomerate, Yonhap reported Tuesday, citing unnamed people familiar with the matter.

Hyundai declined to comment.

Chung, born in 1970, has led Hyundai's recent push in electric vehicles, mobility and hydrogen fuel cells. In July, he announced that Hyundai and sister company Kia Motors aimed to sell 1 million electric vehicles in 2025, jointly targeting a more than 10 percent share of the global market for EVs.

Chung's father and group patriarch Mong-Koo Chung gave up his board seat in Hyundai Motor earlier this year after stepping back from frontline operations in recent years, and Euisun Chung has played an increasingly visible leadership role since 2018.

Hyundai and Kia are together the world's fifth-largest automaker, although they will fall to sixth place when Fiat Chrysler and PSA Group complete their merger next year under the name of Stellantis.