José Muñoz, Hyundai Motor’s Global Chief Operating Officer and CEO-designate, announced on Nov. 21 an ambitious plan to sell 5.5 million vehicles globally by 2030. The target represents a 30% increase from the automaker’s record-breaking sales in 2023. Despite uncertainties surrounding a potential second Trump administration and its stance on electric vehicle (EV) incentives, Muñoz reaffirmed Hyundai’s dedication to electrification.
Muñoz made the announcement at the Los Angeles Auto Show, held at the LA Convention Center, arriving in the all-new Ioniq 9, a large electric SUV. Wearing a navy jacket without a tie, he appeared more reserved during the Ioniq 9′s world premiere the previous day but took the opportunity to outline Hyundai’s strategy to domestic and international media.
“Hyundai set a new sales record in the U.S. this year, with a 5% year-over-year increase in the third quarter,” Muñoz said. “Sales of hybrids and EVs grew 26%, and we expect to achieve record-breaking performance for the fourth consecutive year.” He underscored Hyundai’s commitment to steady growth, citing the automaker’s recent memoranda of understanding with Waymo and General Motors as examples of fostering key partnerships.
Muñoz also discussed Hyundai Motor Group’s Metaplant America (HMGMA), which began production last month. “Our total investment in HMGMA will reach $12.6 billion with battery joint ventures established with LG Energy Solution and SK On,” he said. “This will create thousands of high-paying jobs in the U.S.”
When asked about the potential impact of a second Trump administration’s review of the Inflation Reduction Act (IRA), which could end EV subsidies, Muñoz was confident. “Hyundai does not base its business plans on tax credits or subsidies,” he said. “Our investment in HMGMA predates the IRA, and we are fully prepared to adapt.”
Muñoz credited Hyundai Motor Group Chairman Chung Eui-sun for the company’s rapid ascent. “Hyundai is now the world’s third-largest automaker and the second-largest in the global EV market. In India, we also hold the No. 2 spot. The company’s direction is well-defined, and no significant changes to the strategy are needed,” he said.
