Jose Munoz, president of Hyundai Motor Company, said on the 20th, “We will pursue regional optimization strategies, strengthen electric vehicle (EV) leadership, and promote strategic collaboration with global corporations.”
On the same day, Munoz noted at the 57th regular shareholders' meeting held at the L Tower in Seocho, Seoul, that “As trade and geopolitical uncertainties deepen, and consumer sentiment declines along with China’s overseas expansion, the automobile industry is expected to face intensified competition,” while identifying five strategies for this year: ▲ regional optimization ▲ strengthening EV leadership ▲ innovation in products and services ▲ expanding strategic collaboration with global corporations ▲ optimizing organizational culture.
He explained regarding regional optimization, “We will produce Ioniq 5 and Ioniq 9 at the Hyundai Motor Group Meta Plant America (HMGMA) and establish a mixed production system to also add hybrid models,” saying that “by investing a total of $12.6 billion (18.4 trillion won) in cooperation with partners, we have secured additional production capacity by establishing an automobile assembly plant and two battery joint ventures.” The partners are LG and SK.
He further said about strengthening EV leadership, “Through the 2030 strategy announced last year, we plan to invest $90 billion (131.63 trillion won) over the next decade to develop 21 new electric vehicle models, expand hybrid models from seven to 14, and aim to sell 2 million electric vehicles in the global market.” He added, “30,000 charging stations will be installed in the U.S. through 'IONNA'.” IONNA is a joint charging venture between Hyundai and the automotive industry.
Munoz stated regarding innovation in products and services that this year, 10 new products will be launched, including Ioniq 9, the new Palisade, and the successor to Nexo, and that online sales will be expanded through Amazon Autos.
In addition, Munoz identified global corporations engaged in strategic collaboration as Amazon, Waymo, and General Motors (GM). He explained, “In the case of GM, we are collaborating in various aspects, including vehicle development and joint procurement, and in the case of Waymo, we have applied their 6th-generation fully autonomous driving technology, 'Waymo Driver,' to Ioniq 5.” He also noted, “We will establish our working style, 'Hyundai Way,' and work to enhance effective business operations and collaboration among global organizations.”