Hyundai Motor President Jose Munoz: "Satisfied with Last Year's US Performance... Launching Eco-Friendly Vehicle Strategy"

In a Local Interview, Last Year's US Sales Performance and Electrification Plans Revealed

Hyundai Motor Group's Executive Vice Chairman Chung Eui-sun was appointed chairman on the 14th, marking the full-scale launch of the group's third-generation management system. Hyundai Motor Group, including Hyundai Motor Company and Hyundai Mobis, held an extraordinary board meeting that morning and approved the appointment of the new chairman Chung. As a result, Chairman Chung became the undisputed head of the group just 2 years and 1 month after his promotion to executive vice chairman in September 2018, and 7 months after becoming chairman of Hyundai Motor's board in March this year. The photo shows the Hyundai Motor Group headquarters in Seocho-gu, Seoul, on the day. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Jihee Kim] Jose Munoz, Hyundai Motor Company's Global Chief Operating Officer (COO) and President of the North America Division, expressed satisfaction with Hyundai's performance in the U.S. market last year. He also shared his ambition to lead the market by achieving up to a 10% share of the global electric vehicle market by 2025.

In an interview with Bloomberg TV on the 7th (local time), Munoz stated, "Hyundai's U.S. sales last year decreased by only about 10% compared to the previous year," adding, "Overall, we achieved satisfactory results, including the growth of the Genesis brand."

In 2020, demand in the U.S. automotive industry declined by approximately 15%. Sales of major Japanese automakers Toyota and Honda fell by 11.3% and 16.3%, respectively, while GM's sales dropped by 11.9%. During this period, Hyundai's U.S. sales decline was 10%. Including Kia Motors, Hyundai Motor Group's total sales decreased by 7.6%, marking the smallest decline in the U.S. automotive market.

Despite the challenges faced by the entire automotive industry due to the COVID-19 pandemic last year, Hyundai was able to minimize the impact thanks to the competitiveness of its new vehicles. Munoz explained, "Hyundai has the best portfolio ever, thanks to Chairman Chung Euisun's global leadership and outstanding new models. In particular, all SUVs showed strong sales throughout the year, and December sales also increased."

On the supply side, he assessed, "It was a very difficult year, but production disruptions in Korea and the U.S. were not prolonged, allowing us to navigate the year successfully."

Hyundai is positioning this year as the starting point for a leap forward in the electric vehicle market. The 'Ioniq 5,' leading Hyundai Motor Group's electrification strategy, will also be launched this year. Munoz said, "Starting with the Ioniq 5, the first model of the Ioniq brand, we plan to introduce the Ioniq 6 next year and the Ioniq 7 two years later. Additionally, most vehicles will feature hybrid and plug-in hybrid models." He expressed his ambition, stating, "By 2025, we aim to increase our electric vehicle market share to 8-10%."

This content was produced with the assistance of AI translation services.