Hyundai Motor Group is holding an executive meeting in the U.S. under the leadership of CEO Jose Munoz to reassess its mid- to long-term business strategy in response to U.S. President Donald Trump's tariff policy. Hyundai plans to maintain the business plans it promised this year despite the tariffs being imposed in the U.S.
On the 16th (local time), Munoz visited the 2025 New York International Auto Show at the Jacob K. Javits Convention Center in New York and met with a group of Korean reporters. He noted, “Today (the 16th) and tomorrow, we will have very important meetings,” adding that “key executives will gather in New York to review the mid- to long-term strategy and assess the current status.”
The meeting is named the mid- to long-term business strategy seminar. It is a gathering of key executives led by Munoz, rather than the entire group's leadership. He explained that it is a session to review the businesses announced at last year's CEO Investor Day. Previously, Jang Jae-hoon, the vice chairman of Hyundai Motor, mentioned goals of selling 5.5 million units annually by 2030, launching 2 million electric vehicles, and introducing 14 hybrid electric vehicles.
The automobile industry faced a dramatic change in the business environment after President Donald Trump imposed a 25% tariff on imported cars starting on the 3rd at 1:01 p.m. (Korea time). The U.S. is expected to impose tariffs on automobile parts starting May 3, and recently indicated that the implementation might be postponed, creating an uncertain situation.
Munoz commented on the impact of the tariff measures, saying, “Regardless of the situation that occurs, Hyundai will maintain the business plans promised this year,” and added, “We will minimize the impact in terms of expenses while taking the necessary actions.” He further remarked, “Just as we overcame the challenges of COVID-19 with flexibility, I believe we should leverage Hyundai’s DNA to capitalize on this as an opportunity to grow.”
Munoz addressed projections that sales prices will rise due to the government’s tariff measures, stating, “Prices are determined by the market.” He added, “I think prices will be determined in the market after June. Hyundai has consistently utilized a strategy of responding based on market price situations. That thinking remains unchanged, and it is crucial to continue our efforts in operations and cash management.” This indicates an intention to respond flexibly to market conditions rather than to raise prices in the short term. Previously, Hyundai had frozen the suggested retail prices of its U.S. models until June 2.
Regarding future plans, Munoz stated, “Similar to the solid performance in the first quarter of this year, we will maintain a strong portfolio to continue our growth in the second quarter,” and added, “We will focus on strengthening our competitiveness in key business areas based on a planned investment of $21 billion (approximately 30 trillion won) in the U.S.”
Hyundai announced last month that it plans to invest in the U.S. by 2028, including $8.6 billion in automobiles, $6.1 billion in parts and logistics/steel, and $6.3 billion in Mirae Industries and energy.