Euisun Chung (left) and Mong-Koo Chung
This story is part of Forbes’ coverage of Korea’s Richest 2020. See the full list here.
Covid-19 crimped car sales everywhere, cutting Hyundai Motor’s share price and dragging down the fortunes of its controlling shareholders. Mong-Koo Chung saw his net worth drop to $3.2 billion, while his son Euisun saw his fall 27% to $1.95 billion.
Together with its affiliate Kia Motors, Hyundai Motor is the world’s fifth largest automaker by sales and has manufacturing plants in eight countries. As with other automakers, the pandemic hit Hyundai hard, with temporary shutdowns of several factories around the world. Hyundai saw global car sales drop almost 12% in the first quarter from the same period last year. The company is trying to minimize the pandemic’s impact with steps such as stabilizing its supply chain and launching new models online, and, for its customers, extending warranty periods, according to Hyundai spokesperson Jin Cha.
The global downturn is an early test for Euisun, who in March succeeded his father as chairman of Hyundai Motor’s board. Not only does Euisun, 49, have to steer Hyundai through slumping demand, but he must also manage the shift to electric and self-driving vehicles.
In January, Euisun unveiled the Hyundai chaebol’s biggest-ever investment, pledging more than 100 trillion won (about $90 billion) over the next five years in new technologies, including electric and hydrogen-powered vehicles, as well as flying electric cars for Uber’s air taxi network.
Mong-Koo, who turned 82 in March, handed the reins to Euisun, his only son among four children, after 21 years at the helm. Mong-Koo was installed by his own father and Hyundai founder Chung Ju-yung in 1999, taking over from his uncle, Chung Se-yung. Under Mong-Koo’s leadership, Hyundai saw rapid growth and global expansion. This year, he became the only Korean ever inducted into the U.S. Automotive Hall of Fame, one of the global auto industry’s top honors.
