- Honorary President Chung becomes the first Korean to receive this honor, the industry’s highest honor
- Chung recognized as the driving force behind the Group’s success and a steadfast champion of the automotive industry and the Korean economy
- Dedication to vehicle quality, global expansion of R&D and manufacturing network have been key to Chung’s approach
- Hyundai Motor Group Continues To Pursue Progress For Humanity
Honorary Chairman of the Hyundai Motor Group, Mong-Koo Chung was officially inducted into the Automotive Hall of Fame at the 2020/2021 Induction and Awards Ceremony. The industry’s highest honor went to the Class of 2020 at a celebration held at the ICON Convention Center in Detroit on July 22.
The induction ceremony was attended by Hyundai Motor Group President Euisun Chung, who took the place of Honorary President Mong-Koo Chung. President Chung received the induction trophy and delivered a speech on behalf of his father.
“Honorary President Chung has made the Hyundai Motor Group the world’s fifth largest car maker since its humble beginnings. If my dad were here he would say he owes this honor to our wonderful employees, dealers and customers, ”said Euisun Chung. “My father carried on the legacy of my grandfather Ju-yung Chung, who founded Hyundai. He expanded the Group’s presence globally and continued to strive for excellence in quality. He has made the Group something that employees and customers can all be proud of.
President Chung also did not forget to mention his vision for the future.
“As Hyundai meets the challenges and opportunities of the 21st century, we will continue to strive for excellence, defy convention and lead the evolution of intelligent mobility. We will make progress for humanity, ”said the president.
According to the Automotive Hall of Fame, Hyundai Motor Group’s success owes much to Honorary Chairman Chung, and its legacy is comparable to that of other industry legends who have started and guided automotive companies to growth and worldwide fame. Thanks to its leadership, Hyundai Motor Group has become the fifth largest automotive group in the world.
The Automobile Hall of Fame has also taken note of Chung’s many accomplishments, including:
- Acquisition of Kia Motors Corporation in the Hyundai Motor group
- Spearheading the Group’s growth with new factories in key regions, notably in the United States, Europe, China, India, Brazil and Russia
- Create a highly efficient and vertically integrated business structure that produces everything from steel to vehicles
The Automotive Hall of Fame was established in 1939 to honor notable business leaders who have made significant contributions to the advancement of the automotive industry and mobility. Chung becomes the first Korean to receive the honor, which was first announced in February 2020. The Automotive Hall of Fame previously honored Chung with its Distinguished Service Citation Award in 2001.
Due to COVID-19 restrictions, this year’s Automotive Hall of Fame induction ceremony celebrated inductees for the 2020s and 2021s. Inductees announced for 2020 include Thomas Gallagher, former CEO of Genuine Parts Company; Jay Leno, automotive heritage leader through his Jay Leno’s Garage series on CNBC; and Helene Rother, one of the first women in automotive interior design for General Motors, Nash Motors. The 2020 class also included Harold Goddijn, Mobility Innovator award winner, CEO and co-founder of TomTom Technologies.
Inductees announced in 2021 include CR Patterson and Frederick Patterson, executives of America’s first and only African-American-owned automaker; and Charlie Wiggins, a barrier-breaking motorsport racer and engineer.
During the induction ceremony, a tribute video was shown to show the honorary president’s accomplishments and contributions to the automotive industry. Meanwhile, NEXO and IONIQ 5 were on display to demonstrate Chung’s contribution to industry efforts to advance hydrogen fuel cell technology and electrification.
The day before During the induction ceremony, an engraving of President Chung’s signature was permanently on display in the Automotive Hall of Fame along with the signatures of the other inductees.
Mong-Koo Chung: Passion and relentless search for quality
Mong-Koo Chung, Honorary Chairman of Hyundai Motor Group, championed the development of Korea’s economy and automotive industry while making Hyundai Motor Group one of the world’s top five automotive groups – achieved in one historically short time span for the sector.
Chung led the acquisition of Kia Corporation and turned it into a profitable business in the first year of acquisition. With his passion for quality and his determination to foster his own R&D capabilities, he created Korea’s first and only automotive group while simultaneously developing the automotive parts and materials industries.
Honorary President Chung has often emphasized that the best quality is a virtue that cannot be compromised. With its continued focus on quality, Hyundai and Kia vehicles are now receiving favorable reviews from global quality rating agencies around the world. The 10-year, 100,000-mile powertrain warranty implemented in the US market in 1998, one of Chung’s initiatives, laid the foundation for Hyundai to become a global powerhouse.
Despite concerns over large-scale investments, Chung has spearheaded the worldwide expansion of the Group’s production capacity and R&D network. Under his leadership, the Group’s production facilities expanded its presence across the world, particularly in the United States, Europe, China, Russia, Brazil and Mexico, creating a system of rapid growth and endurance. . A global network of production and R&D has given Hyundai Motor Group a competitive advantage that has enabled it to survive many global economic crises.
He also contributed to the development of the Korean materials industry by building an integrated steel plant which maximized synergy within the Group and created the world’s first commercial structure circulating in resources, presenting a new ideal of sustainable management.
Honorary President Chung recognized the potential of hydrogen power and encouraged the development of hydrogen fuel cell electric vehicles ahead of other manufacturers, enabling the company to launch the first fuel cell electric vehicle in hydrogen mass produced in the world in 2013.
His innovative leadership and business philosophy have been recognized and celebrated with various awards over the years, including the Korea Management Association CEO of the Year Award (1996), the Automotive CEO of the Year of Business Week (2004) and Best Automotive CEO in Asia by Automotive News (2005), Van Fleet Award (2009) and inclusion in the “CEO 100” of Harvard Business Review.
■ Honorary Chairman Mong-Koo Chung Profil
Bachelor of Industry Business Administration, Hanyang University
2020.9 ~ Honorary President, Hyundai Motor Group
2000 ~ 2020 President, Hyundai Motor Group
1999 ~ 2000 CEO and President, Hyundai Motor Co. & Kia Motors Corp.
1996 ~ 2000 President, Hyundai Group
1987 ~ 1996 President of Hyundai Precision Industry, Hyundai Motor Service, Hyundai Pipe, Hyundai Development Company and Incheon Iron & Steel
1970 Director, Hyundai Motor Company