Hyundai Motor 005380.KS Group's executive vice chairman Euisun Chung is set to be made chairman of the South Korean carmaker as soon as on Wednesday, Yonhap news agency reported, as he formally takes over the reins from his octogenarian father.

Hyundai Motor plans to hold a board meeting possibly on Wednesday to promote Chung to chairman of South Korea’s second-largest conglomerate, Yonhap reported on Tuesday, citing unnamed corporate sources.

Hyundai declined to comment.

Chung, born in 1970, has led Hyundai Motor Group's recent push in electric vehicles (EVs), mobility and hydrogen cars. In July, he announced that Hyundai and sister company Kia Motors 000270.KS aimed to sell 1 million electric vehicles (EVs) in 2025, jointly targeting a more than 10% share of the global market for EVs.

Chung’s father and group patriarch Mong-Koo Chung gave up his board seat in Hyundai Motor earlier this year after stepping back from frontline operations in recent years, and Euisun Chung has played an increasingly visible leadership role since 2018.

Hyundai and Kia are together the world's fifth-largest carmaker, although they will fall to sixth place when Fiat Chrysler (FCA) FCHA.MI and PSA PEUP.PA complete their merger next year under the name of Stellantis.