Hyundai Motor has appointed Ulrich Mechau, previously vice president of sales and service at Hyundai Motor Europe (HME), as president and CEO of Hyundai Motor Germany.
Mechau joined HME as director of sales in 2018 and assumed the role of vice president Sales & Service two years later. He has played a major role in promoting Hyundai’s steady growth across Europe, according to the carmaker. Mechau succeeds Wang Chul (William) Shin, effective today (February 1).
“I wish to express gratitude to Ulrich Mechau for what he has accomplished in his role with Hyundai Motor in the regional headquarters,” said Michael Cole, president and CEO, HME. “As he moves onto his new leadership position, I would like to extend best wishes for his future success. I also would like to thank William Shin for his strong dedication during his time as president at Hyundai Motor Germany.”
Mechau said he aims to grow the Hyundai brand in the major European market, based on Hyundai’s “innovative and sustainable products and services”.
Earlier this week, Hyundai Motor announced its annual revenue was up 14.4% to KRW 162.7 trillion (£964m) in its fourth quarter (Q4) 2023 financial results. The carmaker’s net profit rose 54% to KRW 12.27 trillion, and Hyundai said it forecasts investment of KRW 12.4 trillion this year. The “solid results” were due to “increased sales volume, enhanced product mix and favourable exchange rate”, according to the accounts.
Within Q4, the OEM sold 1,089,862 units around the globe, with sales in markets outside Korea up 5.3% to 891,304, backed by strong demand in North America, Europe and India. Sales in Korea also increased 3.4% to 198,558 units. EVs accounted for 57,975 units sold, while hybrids accounted for 103,133 units.
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