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Billionaire Chung Shows Hyundai Luxury No Joke Chasing BMW: Cars

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Hyundai Motor Co. Chairman Chung Mong Koo crosses the stage for his New Year’s address, his heels clicking as 600 employees wait in silence.

Wearing a blue pinstriped suit, blue sweater and red tie, the 73-year-old son of Hyundai’s founder praises workers for building the world’s fifth-largest automaker. Then he considers the year ahead. Europe’s debt crisis will trim global growth, Chung says, yet he sees a bright side: Hyundai will have time to improve quality to take on the likes of BMW and Mercedes -- making a full-speed run at becoming what he calls an ilryu giup, a global top player, Bloomberg Markets magazine reports in its April issue.