Latest news with #ChungMong-koo
Korea Herald
5 days ago
- Automotive
- Korea Herald
Hyundai Motor honorary chairman's vaccine vision comes to life at Korea University
Auto mogul's W10b donation culminates in Chung Mong-Koo Future Medicine Building A philanthropic donation made by Hyundai Motor Group Honorary Chairman Chung Mong-koo to develop vaccines has borne fruit as the auto conglomerate celebrated the grand opening of the Chung Mong-Koo Future Medicine Building at Korea University in Seoul on Monday. Chung donated 10 billion won ($7.3 million) from his personal funds to the Korea University College of Medicine in 2021 during the COVID-19 pandemic to enhance Korea's vaccine development capacity and expand research facilities. The medical school decided to name the new building after the auto mogul in his honor. At the time of the donation, Chung said, 'The donation is my way of helping the people who have supported Hyundai Motor Group. I hope this can help restore health and happiness by overcoming the pandemic.' The Chung Mong-Koo Future Medicine Building, a seven-story facility with 12,213 square meters of floor space, features a vaccine innovation research center, a bio safety center and laboratory, a precision medical center based on gene therapy and digital health and a research and development center for cutting-edge medical technology. It also includes high-priced equipment such as In-vivo Optical Imaging System, or IVIS, imaging-based ultrafast cell analysis equipment and a G3 robotics station. Hyundai Motor said the new facility is expected to become a linchpin in securing the country's vaccine sovereignty as it will be a platform that allows Korea's first private sector-led vaccine development. 'Honorary Chairman Chung Mong-koo believed that the fundamental purpose of a corporation is about ensuring the happiness and well-being of the public and offered support such as fostering medical experts and treating the underprivileged so that everyone could have a healthy life,' said Hyundai Motor Group Executive Chair Chung Euisun, the oldest and only son of Honorary Chairman Chung, during the opening ceremony. 'I hope that the Chung Mong-Koo Future Medicine Building will become a key foothold to secure Korea's vaccine sovereignty and be able to lead the global health crisis.' The former chief of the auto conglomerate established the Hyundai Motor Chung Mong-Koo Foundation in 2007 as he emphasized the importance of corporate social responsibility. The foundation, which was backed up by Chung's personal funds, also donated 6 billion won to the Asan Medical Center to support the growth of medical workers and set up a safe hospital system. The foundation has offered medical expenses for children of households with financial struggles while collaborating with medical institutes to seek those in blind spots who need medical treatment.
Korea Herald
05-06-2025
- Automotive
- Korea Herald
Will new Nexo revive shrinking hydrogen mobility push?
Hyundai set to boost hydrogen-driven eco-friendly transition with new fuel cell SUV, but market interest in hydrogen mobility remains low Hyundai Motor is set to launch the fully revamped Nexo as early as this month in Korea, seven years after introducing its sole fuel-cell-powered sport utility vehicle currently on the market. With improved performance and fuel efficiency over its predecessor, the new Nexo is positioned to lead Hyundai's initiative to drive the global transition to hydrogen mobility — a vision first outlined in 1998 by Chung Mong-koo, honorary chair and father of current Chair Chung Euisun. 'Nexo represents the essence of sustainable mobility proposed by Hyundai Motor,' said Chung Yoo-seok, executive vice president of Hyundai Motor, during the vehicle's unveiling at the Seoul Mobility Show in April. 'We will accelerate the expansion of the global hydrogen ecosystem beyond Korea's borders and aim to achieve our annual sales target of 11,000 units.' However, recent market conditions cast uncertainty over the ambitions of the world's leading hydrogen vehicle maker. Declining demand for fuel cells In recent years, Korea's fuel-cell electric vehicle market has declined. According to SNE Research, sales dropped from 10,336 vehicles in 2022 to 3,688 in 2024, marking a 65 percent decrease. This downturn reflects deeper structural challenges for FCEVs, rather than a temporary pause, as the transition to eco-friendly mobility is increasingly driven by battery electric vehicles, experts said. 'Many consumers are still hesitant even about EVs, which are far more familiar,' said an industry source who requested anonymity. 'So it's no surprise that skepticism runs even deeper when it comes to hydrogen.' Limited charging access and high hydrogen fuel prices also remain major hurdles for fuel cell mobility. Korea has around 221 hydrogen stations — more than Japan, the US or Germany — but drivers still face inconvenience when refueling. 'Due to amplified safety concerns, strict regulations have resulted in limited station hours and the placement of stations far from residential areas, even though such risks can be mitigated through multiple layers of safety measures,' said Lee Ho-geun, professor of automotive engineering at Daeduk University. Amid these ongoing challenges, the launch of the new model is expected to have a limited impact on the market. Hyundai sold around 750 FCEVs domestically in the first quarter of 2025, and projections suggest that total annual sales may remain close to last year's levels despite the new launch. The global market also shows limited reason for optimism, with only Hyundai and Toyota currently active in the passenger hydrogen vehicle segment. Worldwide sales of FCEVs dropped from 20,704 sales in 2022 to 12,866 in 2024. The decline appears sharper in the passenger segment because China, which has grown to account for 55 percent of global FCEV sales, remains focused mainly on commercial rather than private vehicles. 'Globally, the eco-friendly vehicle market is still largely driven by government policies, such as subsidies, since automakers have yet to achieve the cost and performance competitiveness needed to rival internal combustion engine models,' said Lee. 'Because many countries want to protect their local industries and lack proprietary hydrogen vehicle technology, they are not actively pursuing policies to adopt these vehicles.' Staunch commitment, but long road ahead Despite the discouraging outlook for hydrogen, Hyundai Motor Group has strengthened its momentum in hydrogen mobility efforts since last year, aiming to retain its leading position in the hydrogen mobility era expected to follow EVs. In 2024, it integrated the fuel cell business of its parts-making unit, Hyundai Mobis, into Hyundai Motor Co. to boost synergy between hydrogen technology and vehicle manufacturing. Separately, the group established an overseeing team to complete the hydrogen business value chain, moving beyond a sole focus on fuel cell production. The group also forged partnerships with rivals Toyota and General Motors to collaborate on hydrogen strategies. 'We will work with global partners and harness our full capabilities across the hydrogen value chain to accelerate the adoption of a hydrogen-powered society,' emphasized the group's Vice Chair Chang Jae-hoon at the World Hydrogen Summit 2025 in Rotterdam, Netherlands, in May. Lee also echoed Hyundai's expansion of cooperation with other companies, saying, 'Hyundai needs to expand the overall market by licensing some basic technologies to other automakers at minimal royalty fees.' However, Kim Pil-su, a car engineering professor at Daelim University, said yearslong efforts are still needed before fuel cell vehicles can become a profitable business. 'The hydrogen mobility sector still faces numerous challenges, including high costs and issues related to hydrogen generation, delivery and storage,' he said, noting that automakers in the US and Europe have abandoned plans to launch fuel-cell passenger cars. 'For hydrogen to be truly eco-friendly (to be widely accepted by countries), it must move beyond heavy reliance on fossil fuels for production. However, mass production through water electrolysis is expected to take over a decade.'
