Hyundai Motor Group Chairman Chung Eui-sun: "With Humility, We Will Increase Production and Sales in China" [President Lee–Xi Jinping Summit]

Financial News, Seoul/Beijing—President Lee Jae-myung, currently on a four-day state visit to China, attended the Korea-China Business Forum on the 5th, marking the first such event in nine years. A large business delegation accompanied President Lee on his trip. The forum was attended by major business leaders, including Lee Jae-yong of Samsung Electronics and Chung Eui-sun of Hyundai Motor Group, who discussed ways to expand exchanges with leading Chinese companies. Notably, Chairman Chung expressed optimism about improving Korea-China relations and stated his intention to expand local production and sales in China.
The forum, co-hosted by the Korea Chamber of Commerce and Industry (KCCI) and the China Council for the Promotion of International Trade (CCPIT) at the Diaoyutai State Guesthouse, brought together President Lee, 416 representatives from 161 Korean companies, and around 200 Chinese businesspeople, totaling more than 600 participants. He Lifeng, Vice Premier for Economic Affairs of China’s State Council, attended as the Chinese representative. This Korea-China business event, held on the occasion of President Lee’s first state visit to China, was the first in nine years. President Lee highlighted the historical significance of Byeongnando, a key trading hub between Goryeo and the Song Dynasty, and emphasized the importance of the "spirit of Byeongnando" in maintaining stability, prosperity, peace, and order in East Asia.
The event saw the attendance of the heads of Korea’s four major conglomerates: Lee Jae-yong, Chey Tae-won (Chairman of SK Group and KCCI), Chung Eui-sun, and Koo Kwang-mo. Other notable participants included Chang In-hwa, Chairman of POSCO Group; Huh Tae-soo, Chairman of GS Group; Sohn Kyung Shik, Chairman of CJ Group; Koo Ja-eun, Chairman of LS Corp.; Choi Byung-oh, Chairman of Fashion Group Hyungji; Jang Cheol-hyuk, CEO of SM Entertainment; and Changhan Kim, CEO of Krafton Inc.
On the Chinese side, participants included the China Council for the Promotion of International Trade (CCPIT) (trade and investment promotion), China Petrochemical Corporation (Sinopec) (energy and petrochemicals), China Energy Engineering Group (energy infrastructure), Industrial and Commercial Bank of China Limited (ICBC) (finance), TCL Technology Group (TV, home appliances, displays), CATL (batteries), Jiangsu Yueda Group (automotive and energy), Seres Group (electric vehicles), LANCY (fashion), Tencent Holdings Limited (cultural content), and ZTE Corporation (ZTE) (telecommunications equipment). As reflected by the participating companies, the forum addressed not only manufacturing but also ways to expand cooperation in culture and the gaming industry. Korean business leaders such as Lee Jae-yong and Chung Eui-sun exchanged handshakes and conversations with their Chinese counterparts throughout the event.
Chairman Chung Eui-sun drew particular attention when he told reporters, "Although our production and sales in China have declined significantly, we plan to increase local production and sales with a humble attitude. If this Korea-China summit leads to improved bilateral relations, it will greatly benefit Hyundai Motor Group. We will work diligently and humbly." He was also seen conversing with Robin Zeng, Chairman of CATL, the world’s leading electric vehicle battery manufacturer.
Hyundai Motor Group previously operated five factories in China, but due to sluggish business, it sold its Beijing Plant 1 in 2021 and its Chongqing plant in 2024, and is currently proceeding with the sale of its Changzhou plant. Nevertheless, Hyundai Motor Group is seeking to regain its footing in China by launching the Hyundai Elexio, an electric vehicle designed specifically for the Chinese market, and by converting local plants into export bases. The current visit to China is seen as an opportunity to reorganize its Chinese operations.
cjk@fnnews.com Reporter