"Capture the US Market" Jeong Eui-sun Visits America Once a Month

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Hyundai Motor Group Chairman Chung Euisun is attending CES 2022 held last January and inspecting the exhibition hall.

[Asia Economy Choi Dae-yeol] Chung Eui-sun, Chairman of Hyundai Motor Group, embarked on a business trip to the United States on the 11th. He plans to attend the New York Auto Show opening on the 13th (local time) and visit to review the North American market. The United States is the largest market for Hyundai Motor Group, and Chairman Chung has been dedicating significant effort, visiting almost every month this year.

According to industry sources, Chairman Chung departed for the U.S. on a private jet on the morning of the 11th, accompanied by executives from key business divisions. Following his attendance at CES 2022, the largest consumer electronics show, in January, he also visited the U.S. consecutively in February and last month. Last month, he traveled to Indonesia for the inauguration ceremony of a new plant. Since the end of last year, as the world has shifted to a with-COVID-19 system, visits to overseas business sites have increased significantly. In particular, as the status of the U.S. business site has risen as a production and sales hub for finished vehicles, Chairman Chung is personally inspecting and encouraging the site.

Last year, Hyundai Motor Group surpassed Honda in the U.S. to rank 5th in market share by manufacturer. This year, it sold about 320,000 units in the first quarter. Until about 4 to 5 years ago, China was Hyundai Motor Group’s largest market, but the balance has clearly shifted toward the U.S.

While most U.S. local brands, including Toyota, experienced double-digit declines in sales volume, Hyundai Motor Group was relatively resilient. Demand remains steady, especially centered on sport utility vehicles (SUVs), with particularly sharp growth in electric vehicles and hybrid cars. Despite joining the market late, Genesis received favorable reviews and set a quarterly sales record.

Since Hyundai Motor Group announced last year its plan to produce electric vehicles directly in the U.S., it is expected that specific details regarding new local plants or facility expansions will be decided soon.