Bloomberg Talks
Hyundai Motor President/Co-CEO Jose Munoz Talks Auto Tariffs
Apr 15, 2025
José Muñoz, the CEO of Hyundai Motor Company, shares insights on the automaker's significant investments in the U.S. and their approach to managing the complexities of trade tariffs. He emphasizes the commitment to keeping prices stable through June 2. The conversation also covers strategies to maintain competitiveness amid market changes, highlighting collaborations with tech firms to drive innovation and efficiency in production. Muñoz outlines the balancing act of cost management while upholding quality and safety in their vehicles.
08:15
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Quick takeaways
- Hyundai's significant U.S. manufacturing investments aim to produce 1.2 million vehicles annually while creating around 14,000 jobs.
- The Hyundai Customer Assurance Program demonstrates the company's strategy to maintain stable prices amidst rising tariffs and supply chain uncertainties.
Deep dives
Hyundai's Commitment to U.S. Manufacturing
Hyundai has made significant investments in its manufacturing capabilities in the United States, marking the country as its most important market. With factories located in Alabama and Georgia, the company recently opened a new plant in Savannah, Georgia, which is expected to enhance production by an additional 500,000 cars. This expansion indicates Hyundai's commitment to producing around 40% of the cars sold in the U.S. domestically, with a goal of reaching a total production of 1.2 million vehicles annually. Such investments not only reflect Hyundai's long-term strategy but also aim to create approximately 14,000 new jobs, bolstering the local economy and the automotive industry at large.
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