Korean auto giant logs record 1.7 million cars sold in US last year
Hyundai Motor Group Executive Chair Chung Euisun emphasized the importance of overcoming inevitable challenges as the Korean auto conglomerate braces for a year of uncertainties amid geopolitical risks and intensifying global competition.
“I don’t think we have to be intimidated by the challenges and uncertainties ahead of us,” Chung said in a New Year’s speech at Hyundai Motorstudio Goyang in Gyeonggi Province on Monday.
“Without crisis, we could be making light of things with optimism. This could endanger us more than any other external factors could. From this point of view, outside stimulus could rather help us.”
Hyundai Motor chief highlighted that the auto giant has continuously pushed for change and innovation over the last five years, underscoring that “the ability to surmount any difficulties is within Hyundai Motor Group’s DNA.”
Pointing out the recent appointment of Hyundai Motor Company's first foreign CEO, Jose Munoz, Chung noted the automaker’s will for innovation and that anyone with excellent abilities can become a leader regardless of nationality, gender, level of education or years of experience.
“We must lead the industrial paradigm shift and technological development, make bold investments in key areas and be able to strategically cooperate with competitors depending on (our) needs,” he said.
Touching upon the conglomerate’s slogan of "Progress for Humanity," Chung underlined that efforts to develop eco-friendly technologies such as electric vehicles, hydrogen energy and robotics are not about showing off but about advancing technologies that positively impact customers.
Munoz reiterated the automaker’s first and foremost commitment to customers, mentioning that the business environment for the auto industry is as challenging as ever.
“Our best business strategy is to continue to deliver high-quality safety-focused vehicles with technology,” said Munoz.
“While we continue to lead the future mobility, we understand that this business is based on consumer demand, which is why we continue to invest in hybrid electric vehicles, extended range electric vehicles and vehicles powered by internal combustion engines. …We are establishing a comprehensive portfolio to respond to market situations and new regulations like (electric vehicle) tax credits or tariffs."
Hyundai Motor Group Vice Chair Chang Jae-hoon, who previously served as the CEO of Hyundai Motor Company before the recent promotion, told reporters that the most important issue of this year is to ensure that the automaker solidifies its footing in leading markets such as the United States and Europe.
Asked whether the conglomerate has been in contact with US president-elect Trump, Chang said, “No, not yet. We are in a situation where we should carefully prepare for (the incoming) government’s directions. Internally, we are focusing on preparing various ways to respond to the market.”
Sung Kim, who was appointed Hyundai Motor Company’s president in charge of global trade and policy strategies and external networking with his extensive background in Washington’s East Asian and Korean affairs, noted that the automaker has followed a long-term plan to cope with a second Trump administration.
“President Trump will begin his term in two weeks so I don’t think we need to speculate too much before that,” he said.
“We are looking at different scenarios and thinking about which steps and adjustments we have to make but I think we have to see what changes will take place and respond to them once they begin.”
Hyundai and Kia announced Sunday that they sold 1,708,293 vehicles in the US last year, up 3.4 percent from 2023, to post its best-ever sales record in America. Hyundai Motor sold 911,805 units while Kia sold 796,488 units, up 4.8 percent and 1.8 percent on year. Genesis, Hyundai Motor’s premium brand, saw its yearly sales increase by 8.4 percent from 2023 to log 75,003 vehicles sold.
With record figures last year, Hyundai Motor Group retained its fourth-biggest automaker position in the US behind GM, Toyota and Ford.
