Euisun Chung Meets Türkiye’s President Erdoğan to Discuss Expanding EV Cooperation

[Financial News] Hyundai Motor Group Chairman Euisun Chung met with Recep Tayyip Erdoğan, president of Türkiye, during his official visit to South Korea to discuss ways to expand cooperation in the EV business. The meeting is seen as part of an effort to develop Türkiye into a hub for EV production and sales linking Europe and the Middle East. Top executives from major South Korean companies, including Samsung, LG and SK, also held separate meetings with Erdoğan to explore opportunities to expand their local businesses.
According to business and diplomatic sources on the 4th, Chairman Chung reportedly had lunch with Erdoğan, who is visiting South Korea, at an undisclosed location in Seoul and discussed cooperation in the automotive industry, including EVs. Hyundai Motor Group Vice Chairman Chang Jae-hoon and Hyundai Motor Company President Sung Kim, who is responsible for the group’s external relations and trade affairs, also attended the meeting.
Hyundai Motor Group uses Türkiye as a key production base for targeting the European market. Since establishing its first overseas complete-vehicle manufacturing plant in İzmit, Türkiye, in 1997, the group has expanded its local production base. The İzmit plant currently has an annual production capacity of 250,000 vehicles.
Hyundai Motor Company is stepping up efforts to increase EV sales in Türkiye. The company’s Turkish subsidiary said through local media last month that it aims to sell 9,000 EVs this year and rank among the top three in the local EV market.
The company is also pushing to expand local EV production. Hyundai Motor Company began mass production of the IONIQ 3, an EV developed for the local market, at its İzmit plant in August. Starting in 2027, it plans to expand its electrified lineup to include next-generation hybrids and extended-range electric vehicles (EREVs).
Chairman Chung had previously visited the İzmit plant in Türkiye in July to inspect its production lines and operations in person. His meeting with Erdoğan is also seen as an effort to strengthen the foundation for cooperation to expand Hyundai’s local EV business.
In addition to its geographic advantage as a link between Europe and the Middle East, Türkiye is strengthening trade barriers against Chinese-made EVs. The Turkish government has imposed an additional 40% tariff on Chinese-made EVs since 2023, and raised the additional tariff rate on Chinese-made hybrid vehicles to 50% at the end of 2024. Analysts say Hyundai could use its local production base to secure a competitive advantage over Chinese companies.
During his visit to South Korea, Erdoğan also held a series of meetings with executives from major domestic companies beyond Hyundai Motor Group. Roh Tae-moon, president and head of Samsung Electronics’ Device eXperience (DX) Division; LG Electronics President Ryu Jae-cheol; and SK Chemicals President Ahn Jae-hyun each met with Erdoğan to discuss cooperation. These companies operate in Türkiye through local production and sales subsidiaries, among other operations.
The meetings with business leaders took place as the South Korean and Turkish governments moved to expand economic cooperation. On the 3rd, Erdoğan held a summit with President Lee Jae-myung at Cheong Wa Dae, where they discussed plans including raising bilateral trade to around $15 billion.
Business circles expect further cooperation opportunities to expand across manufacturing sectors, including automobiles, electronics and chemicals, following the summit between the two countries’ leaders and the subsequent meetings with executives from major companies. Hyundai Motor Group, in particular, is expected to accelerate its efforts to target European and Middle Eastern markets by linking its local production base in Türkiye with its electrification strategy.
[email protected] Kim Dong-ho Reporter