Hyundai Motor CEO Nominee: "Capable of Responding to US Policy Changes... Hybrid↑"

President Jose Munoz Reveals at LA Auto Show

Jose Munoz, Global Chief Operating Officer (COO and concurrently Head of North America Division) who has been appointed as CEO of Hyundai Motor Company, expressed a flexible stance on the possibility of policy changes in the United States.

On the 21st (local time), Munoz met with reporters at the LA Auto Show held at the Los Angeles Convention Center in California, USA, and said, "Electrification is the path we must take in the long term, but we are prepared to adjust flexibly along the way."

With the election of former President Donald Trump, there is talk of potential changes in the new car sales market due to shifts in automobile-related policies and regulations. A typical example is the discussion about reducing or eliminating tax credit benefits under the Inflation Reduction Act (IRA).

Jose Munoz, Chief Operating Officer of Hyundai Motor Global. Photo by Hyundai Motor Company

Munoz COO said, "We are ready to produce hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), extended-range electric vehicles (EREV), and even hydrogen fuel cell vehicles," adding, "Hyundai has made a firm commitment not only to invest in electric vehicles but also in all related technologies, which has been a very good strategy."

In an interview with the U.S. automotive media Automotive News on the same day, he said, "I think flexibility is one of the core elements of Hyundai's strategy," and explained, "Selling fewer electric vehicles and more hybrids." Considering the importance of the U.S. market, he believed that the U.S. business influenced his appointment as CEO.

Automotive News quoted Munoz as saying, "Hyundai will switch the Meta Plant (HMGMA) in Georgia to hybrid mode in the second half of 2025 and start producing EREVs in 2026," and "Hybrids will account for the largest share (30-40%) of Hyundai's powertrain mix in the U.S. by 2029."

On the 20th (local time), at the Ioniq 9 unveiling event held in Los Angeles, USA, Jose Munoz, Hyundai Motor Company's Global Chief Operating Officer, is posing in front of the vehicle. Photo by Hyundai Motor Company

However, he emphasized that the existing direction toward electrification will be maintained in the long term. He said, "Hyundai is the third-largest automaker globally and the second-largest company in the U.S. electric vehicle market after Tesla," adding, "Since the direction set by Chairman Chung Euisun and President Jang Jae-hoon is fundamentally correct, I do not think the company’s strategy will change significantly."

Munoz also pointed out that electrification has steadily progressed regardless of past global circumstances or U.S. policies. He said, "The announcement of the Meta Plant in Georgia, an electric vehicle-only factory, was made before the IRA," and added, "It cannot be said that the decision to establish the plant was made considering incentives." He further noted, "The announcement to produce HEVs, PHEVs, and EREVs at the Meta Plant was also made before the election of candidate Trump."

Munoz was appointed as CEO of Hyundai Motor Company in the executive personnel reshuffle on the 15th. This is the first time since Hyundai's founding in 1967 that a foreigner has been appointed to the CEO position.