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SEOUL : Hyundai Motor chief Chung Mong-Koo called Friday for new growth drivers to offset the challenges from Japanese and Chinese rivals.
"We need fresh growth engines to swiftly and effectively cope with an uncertain business climate," Chung said in a statement.
"Unlimited competition is continuing in the global auto industry. Japanese firms are stepping up their push to hold us in check while latecomers in China and other countries are catching up at a faster pace."
Hyundai, the world's sixth largest automaker, also faces the challenges of foreign exchange fluctuations and a global economic slowdown, he said.
Hyundai, which accounts for 70 percent of South Korea's car market, has actively expanded its world presence to offset the effect of the strong won which makes Korean exports more expensive.
Chung's statement followed a similar warning by Samsung Group Chairman Lee Kun-Hee who said last month his group has been "sandwiched" between Japanese and Chinese rivals.
Lee said the country's largest conglomerate could face a "chaotic" situation in five or six years due to falling profitability. - AFP/yy
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