Hyundai Motor Group, the largest automotive conglomerate in South Korea, said Monday that it has appointed an executive for its newly formed division of urban air mobility.

Shin Jaiwon, a former engineer at the National Aeronautics and Space Administration (NASA), was assigned by Hyundai as executive vice president of the urban air mobility department to lead the creation of flying vehicles.

Shin lately led NASA's Directorate of Aeronautics Research Mission, where he shaped the aeronautics research and development policy of the agency for over 11 years, the firm said in a declaration.

The new company unit, headed by Shin, will create key technologies and innovative solutions for secure and effective airborne travel, said Hyundai.

"I am very thrilled and humbled by the chance to shape Hyundai Motor Group's urban air mobility strategy now, having worked on cutting-edge aviation research and development at NASA for 30 years," Shin said.

"Hyundai's new team will create key technologies that will set the business up as a driving force in urban air mobility, an industry that is anticipated to grow into a market worth 1.5 trillion US dollars over the next 20 years," the executive vice president said.