[Beijing Motor Show 2026] Hyundai CEO Jose Munoz: "We Became Complacent in China... Learned Humility"

Hyundai Motor Company has unveiled a roadmap to achieve annual sales of 500,000 units in the Chinese market by 2030 and to release a total of 20 new models. The company plans to use its recent underperformance in China as a foundation for crafting a new strategy with a humble approach.

Hyundai Motor Company President Jose Munoz responding at the 2026 Beijing International Motor Show Hyundai Motor Company media briefing. Hyundai Motor Company

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Jose Munoz, President and CEO of Hyundai Motor Company, announced these plans at a press conference held during Auto China 2026 (Beijing Motor Show 2026) on April 24, 2026, stating, "The Chinese market is the most important in the global electric vehicle (EV) market."

He went on to explain the reasons for Hyundai's struggles in China, saying, "We thought we did quite well by selling about 12 million units in China, but I believe we became complacent." He added, "We have learned the importance of humility and have gained valuable know-how by continuously listening to customers and the market. I think we are different from the past, and this can give birth to a new strategy."

On this day, Hyundai Motor Company unveiled the 'IONIQ V' as the first of the new models to be released in the Chinese market. Explaining why the IONIQ V was selected as the initial model, President Munoz said, "It was time to move beyond just talking about strategy and show what we are saying in reality. We wanted to present a unique strategy tailored specifically to the Chinese market."

From the left, Jaeho Heo, Chief Technology Officer of China, Executive Director; Sangyeop Lee, Vice President of Global Design at Hyundai Genesis; Jose Munoz, President of Hyundai Motor Company; Wuzhoutao Wu, Deputy General Manager of Beijing Hyundai; and Lifenggang Li, General Manager of Beijing Hyundai. Hyundai Motor Company

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Regarding the shift in China’s EV strategy, such as the government's reduction of subsidies, he commented, "With the decrease in EV sales support, we have observed a market decline of about 22%. The response is simple: it is important to prioritize not only features, but also safety and quality, while offering the products at reasonable prices to fundamentally strengthen competitiveness."

Together with the newly introduced EV, the IONIQ V, Hyundai Motor Company plans to unveil an extended-range electric vehicle (EREV) later this year. Next year, the company will launch a C-segment SUV with Level 2++ autonomous driving capabilities for urban environments, and in 2028, Hyundai plans to introduce a full-stack software-defined vehicle (SDV) and Level 3 autonomous vehicles to the Chinese market.

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