{"id":156869,"date":"2024-09-09T08:47:26","date_gmt":"2024-09-09T14:47:26","guid":{"rendered":"https:\/\/www.songdoibdcitytalk.com\/blog\/?p=156869"},"modified":"2024-09-09T08:47:27","modified_gmt":"2024-09-09T14:47:27","slug":"the-hyundai-way-is-shaping-automotive-innovation","status":"publish","type":"post","link":"https:\/\/www.songdoibdcitytalk.com\/blog\/the-hyundai-way-is-shaping-automotive-innovation\/","title":{"rendered":"The \u2018Hyundai Way\u2019 is Shaping Automotive Innovation"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/media.licdn.com\/dms\/image\/v2\/D5612AQHUuv6jd_v0Lg\/article-cover_image-shrink_720_1280\/article-cover_image-shrink_720_1280\/0\/1725880934526?e=1731542400&amp;v=beta&amp;t=uWnUBWK-c2bjWzEPsyGkoHO2yABiQOAPBd7OMnnLcZA\" alt=\"The Hyundai Way\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1217\">By <a href=\"https:\/\/www.songdoibdcitytalk.com\/blog\/global-business\/don-is-truly-the-hyundai-whisperer-a-trusted-mentor-to-many-in-our-industry\/\">Don Southerton<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Repost from Branding in Asia  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.brandinginasia.com\/how-the-hyundai-way-is-shaping-automotive-innovation\">https:\/\/www.brandinginasia.com\/how-the-hyundai-way-is-shaping-automotive-innovation<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1218\">September 9, 2024<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1219\">On the recent 2024 CEO Invest Day, Hyundai Motor Company revealed its new \u201c<a href=\"https:\/\/www.hyundainews.com\/en-us\/releases\/4227\">Hyundai Way<\/a>\u201d strategy and outlined its mid-to-long term goals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1220\">For almost 20 years, I have explored and articulated \u2018The Hyundai Way\u2019 in my publications, media, and lectures. Early on, I realized that it was an innate quality and required a deep understanding of company and workplace culture gained through hands-on experience.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1221\">The Investor Day event outlined strategies, action steps, and timelines. Hyundai Motor leadership presented a flexible response to market conditions and a focus on electrification, as well as an expanded lineup of vehicles through its \u201cHyundai Way\u201d strategy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1222\">As Jaehoon Chang, President and CEO of Hyundai Motor Company, said, \u201cUnder the Hyundai Way, we will respond to the market with agility thanks to Hyundai\u2019s unique flexible response system.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1223\">In the following commentary, I look at the evolving but grounded \u201chow\u201d of the \u201cHyundai Way\u201d and the methods Hyundai has used to achieve past successes, which I will strategically build upon.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"ember1224\">\u201cCan do Spirit\u201d<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1225\">First, and at the core, Hyundai has always been embodied with a \u201cCan do Spirit\u201d despite the odds\u2014and this heritage is doing what others have said is impossible.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1226\">This \u201cCan do\u201d attitude means attacking challenges with 110% commitment through strong will to overcome obstacles.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1227\">In Korean, this is referred to as <em>Ha myeon dwaen da, <\/em>which translated means,&nbsp; \u201cEven if it\u2019s impossible, it\u2019s still possible.\u201d&nbsp;&nbsp; Then, I\u2019d add \u201cMove with Speed.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1228\">For example, regarding \u201cCan do Spirit,\u201d in my work, I often share Korean core values, norms, and expectations with teams globally\u2014those long associated with Korea would agree\u2014a shared drive to tackle the impossible with a \u201cCan-do Spirit.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1229\">Even those entering the ranks in Korea soon acculturate and embrace these values\u2026 seeing what the company has achieved over the past decades.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"ember1230\">Innovative thinking<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1231\">Hyundai has a rich heritage of entrepreneurial innovation. This is forward-leaning, innovative thinking, especially when faced with challenges. Hyundai, the name adopted in the 1940s when an entrepreneurial startup, means \u201cModern,\u201d showing forward-leaning origins, heritage, and DNA.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong><em>\u201cHyundai, the name adopted in the 1940s when an entrepreneurial startup, means \u201cModern,\u201d showing forward-leaning origins, heritage, and DNA.\u201d<\/em><\/strong><\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1233\">In the rapidly evolving global automotive industry, Hyundai Motor has emerged as a trailblazing innovator, breaking away from its traditional role as a fast follower.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1234\">At the core of Hyundai\u2019s future success will be its strategic metamorphosis. Its commitment to leading innovation, exemplified by its ventures into Boston Dynamics robotics, Supernal urban air mobility, and Motional autonomous driving, has redefined its brand identity and challenged the conventional paradigms of automotive manufacturing and design in many areas. I\u2019d layer on the move to developing Software Developed Vehicles (SDV) equipped with High-Performance Vehicle Computers (HPVC).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"ember1235\">Risk-taking<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1236\">This means taking bold action. They seek opportunity and then act while assuming ownership and responsibility. Hyundai has transitioned from a Fast Follower to a Game-changer and first mover.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1237\">Generally, a fast follower closely watches and tracks a brand leader and then quickly emulates. This eliminates many risks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1238\">Most significantly, fast followers can capitalize on profound economic savings that game changers and the first movers must invest in new technologies, such as development costs and investments running into the billions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1239\">On a more practical level, fast followers wait for a concept to be proven and \u201cbugs\u201d to be worked out. Then, they can spare their customers from recalls, downtime, and inconvenience.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1240\">In highly competitive industries like automotive, Hyundai, now a first-mover brand leader, holds an advantage and will be seen by customers as offering something new and exciting.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1241\">This advantage can translate into new vehicle sales, which are the drivers for any OEM.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"ember1242\">Bold Challenges<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1243\">With that, I want to layer on a long-time intrinsic observation. Hyundai teams and leadership have embraced challenges over the years. This includes becoming a top automaker and now new targets such as 5.55 million annual global sales, selling 2 million EVs per year, offering a full lineup of EV models ranging from affordable to luxury and high-performance, launching Software Developed Vehicles, and bolstering corporate value and shareholder return.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1244\">In a Seoul meeting with several former executives, I discussed the Korean company\u2019s move to Mobility. I mentioned that some in the West feel that Korean car makers still need to sell many ICE (internal combustion engine) cars and SUVs\u2014the ICE vehicle profits as an offset required to fund the new projects.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1245\">Still, somewhat surprisingly, a senior Korean paused and, with conviction, pointed out, \u201cThey always needed a farsighted goal\u2014best if it seemed impossible!\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1246\">Significantly, embracing bold challenges means that what others will doubt and may see as unreachable can and will be achievable\u2014frankly, that has always been \u201cThe Hyundai Way.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"ember1247\">Questions? Comments dsoutherton@bridgingculture.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Don Southerton Repost from Branding in Asia https:\/\/www.brandinginasia.com\/how-the-hyundai-way-is-shaping-automotive-innovation September 9, 2024 On the recent 2024 CEO Invest Day, Hyundai Motor Company revealed its new \u201cHyundai Way\u201d strategy and outlined<\/p>\n","protected":false},"author":2764,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-156869","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The \u2018Hyundai Way\u2019 is Shaping Automotive Innovation - Bridging Culture Worldwide<\/title>\n<meta name=\"robots\" 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