Hyundai Motor President: "Closely Cooperating with US Administration... Minimizing Policy Impact through Localization"

"Emphasizing Large-Scale Investment, Job Creation, and Economic Contribution"

Jose Munoz, President of Hyundai Motor Company, has released a shareholder letter stating that he will work closely with the U.S. Donald Trump administration to minimize damage caused by policy changes.

In the shareholder letter posted on Hyundai Motor's website on the 21st, Munoz stated, "We are continuing dialogue with the new U.S. administration to emphasize large-scale investment, job creation, and economic contribution."

Jose Munoz, President of Hyundai Motor Company. Photo by Hyundai Motor Company

He mentioned the full-scale operation of the 'Hyundai Motor Group Meta Plant America' (HMGMA) in Georgia and preparations for hybrid electric vehicle (HEV) production, adding, "We will minimize the impact of future policy changes through localization strategies in the highly important U.S. market."

Munoz added, "Furthermore, we are strengthening production capabilities in emerging regions with high growth potential while expanding strategic cooperation with companies such as Amazon, Waymo, and General Motors (GM)." Hyundai Motor began selling vehicles through Amazon in the U.S. last month and is collaborating with Waymo on autonomous driving technology development. Hyundai also signed a memorandum of understanding (MOU) with GM for comprehensive cooperation, including joint development and production of passenger and commercial vehicles.

Munoz also shared plans regarding risks such as the electric vehicle market chasm (temporary demand stagnation) and the possibility of subsidy reductions under the U.S. Inflation Reduction Act (IRA). He explained, "Among the 10 models to be launched this year, there are electric vehicles, internal combustion engine vehicles (ICE), and hybrid electric vehicles (HEV). Expanding the lineup by powertrain symbolizes our flexible response and demonstrates how we will effectively respond to changes in U.S. electric vehicle tax credit policies."

He continued, "While continuing investments in HEV, extended-range electric vehicles (EREV), ICE, and fuel cell electric vehicles (FCEV) based on customer demand, we will also lead the transition to electrification."

Munoz emphasized, "Over the past six years, I have been deeply impressed by our company's resilience and flexibility in rapidly responding to the dynamically changing automotive industry, including new regulations, shifts in customer preferences, and supply chain disruptions. This crisis management capability is part of Hyundai Motor's DNA."

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