Hyundai President José Muñoz Talks US Investment

Summary

Podcast Summary: Hyundai President José Muñoz Talks US Investment

Podcast: Bloomberg Talks
Host: Matt, Bloomberg
Guest: José Muñoz, President & CEO of Hyundai Motor Company and Genesis
Date: April 8, 2026

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Overview

In this episode, Bloomberg’s Matt interviews José Muñoz, the President and CEO of Hyundai Motor Company and Genesis, live from the New York Auto Show. The discussion centers on Hyundai's ambitious $26 billion investment in the US, its upcoming vehicles—including the bold move into full-size SUVs and trucks—investment in domestic production and supply chains, and how the company is responding to market trends and regulatory changes. The conversation also covers the company’s luxury and performance aspirations, highlighted by upcoming Magma models and racing ambitions.

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Key Discussion Points and Insights

Hyundai’s $26 Billion US Investment Plan

• Motivation: Expansion of US manufacturing capacity, localization, and deeper commitment to the US market.
• Details:
  • Hyundai plans to boost its US manufacturing capacity from 800,000–900,000 to 1.2 million vehicles annually.
  • Adding investments in technology: robotics, data centers, and vertical integration of the supply chain, including a new steel mill in Louisiana.
  • Over 58 new products coming to the US (36 Hyundai, 22 Genesis) in the next four years.
• Quote:
  “We have made a big commitment to invest $26 billion in the years and this is after $20.4 billion that we have invested in the last 40 years... As part of this commitment, we want to increase our capacity in the US to 1.2 million...”
  — José Muñoz [01:22]

Competing in Trucks and SUVs: The Boulder Concept

• Entry into “body-on-frame” segments:
  • Boulder, a large SUV concept, aims to challenge US brands in a market historically dominated by Ford, GM, and Toyota due in part to the “chicken tax.”
  • Any body-on-frame Hyundai vehicles will be built in America to avoid tariffs and appeal to local buyers.
• Quote:
  “These would be part of our strategy to be localized, to be vertically integrated, part of the $26 billion. So we want to make it here with our supplier base and then to the taste of the American consumer.”
  — José Muñoz [03:45]

Flexibility in Response to Consumer Trends

• Strategy Shift: Hyundai remains flexible, producing EVs, hybrids, or conventional vehicles based on market demand.
• Market Data:
  • Significant jump in EV sales in March as gas prices exceeded $4/gallon.
  • Plans to launch hybrids (production starting this year in Georgia) and extended range EVs next year.
• Quote:
  “So for example in the month of March we've seen an increase of EV sales of about 40% compared to February. So definitely when the American consumer sees an increase in fuel prices, they try to move to solutions which are more friendly in terms of cost.”
  — José Muñoz [04:15]

Navigating US Trade and Tariff Challenges

• Issue: US automakers must pay steep tariffs on steel and aluminum, raising the cost of domestic manufacturing.
• Hyundai’s Response: Full integration of supply chain within the US, including local steel production.
• Quote:
  “The strategy is very simple, is a localization and that's why we are going to produce this Boulder with steel. Made in America saw full integration. The steel, the logistics, the components, the manufacturing, the workers, everything is going to be made in America, including the steel.”
  — José Muñoz [06:00]

The Genesis Magma Performance Line and Racing Ambitions

• Genesis Magma: Hyundai’s challenger to Mercedes AMG and BMW M with high-performance models, including the GV60 Magma.
• Le Mans Endurance Racing: Genesis entering the prestigious event as part of its effort to boost global luxury brand recognition.
• Performance Stats:
  • Magma concept offers more than 600hp (650hp with Boost Mode for 15 seconds, 0–100 km/h in ~3.4s).
• Quote:
  “So the WAR endurance championship. So you have an open invitation, Matt, to be able to join us in Le Mans and then it needs to be real. That's why we came up with the Magma Orange... the number GV60 gives you standard mode, more than 600 horsepower, but if you push the boost motor so you're going to get to 650 horsepower for about 15 seconds.”
  — José Muñoz [06:48]

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Notable Quotes & Memorable Moments

• On Hyundai’s US Commitment:
  “We want to increase our supply chain, including a steel mill in Louisiana and then additional investments in technology like robotics, data centers, so on and so forth.”
  — José Muñoz [01:22]

• On Competing Against Premium German Performance Brands:
  “Without a doubt... we've been the fastest growing luxury OEM globally... So and definitely as a part of the evolution as a next frontier for our luxury brand, we wanted to get into the competition.”
  — José Muñoz [06:48]

• On Market-Responsive Product Strategy:
  “If consumers want more EVs we have to produce more EVs. They want more hybrids, we have to produce more hybrids.”
  — José Muñoz [04:15]

• Fun Announcement:
  “You have an open invitation, Matt, to be able to join us in Le Mans...”
  — José Muñoz [06:48]

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Important Segments & Timestamps

• Introduction to Hyundai’s US Investment & Boulder Concept: [00:34]–[03:15]
• Building in the US to Avoid Tariffs: [03:15]–[03:45]
• Consumer Trends: EVs, Hybrids, & Gas Prices: [04:00]–[05:28]
• Tariffs & American Supply Chain Integration: [05:28]–[06:22]
• Genesis Magma & Racing Goals: [06:22]–[08:12]

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Tone & Final Thoughts

The conversation is energetic, optimistic, and forward-looking, emphasizing Hyundai’s steadfast commitment to growing its US presence through local investment, adapting rapidly to consumer demand, and boldly entering new competitive arenas—including high-performance and luxury segments.

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For more engaging auto industry insights, check out Matt’s podcast “Hot Pursuit” and stay tuned for Bloomberg’s extended coverage from the New York International Auto Show.

Transcript

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[Christina Raffini]

Bloomberg Audio Studios podcasts

[Matt]

Radio News Hyundai the automaker is investing billions of dollars in US Production, including its Georgia EV hub, and looking to expand into pickup trucks and big SUVs, core US segments that have long been dominated by Ford, GM and Toyota. Joining us now at the desk is Hyundai CEO Jose Munoz. He's here for the New York Auto Show. And Jose, appreciate you joining us. I was at auto show yesterday. I got to see the the Boulder, which is your concept. Large SUV looks fantastic. And I had thought, you know, it must be so difficult to come in and compete in this space because the US Automakers have long dominated because of the chicken tax. But you'll be building, I guess if you do go that direction, you'll be building it here.

[Jose Munoz]

That is the plan. Thank you for having me, Matt. Always a pleasure to visit you. Well, as you know, we have made a big commitment to invest $26 billion in the years and this is after $20.4 billion that we have invested in the last 40 years that we've been in in the country that we celebrated last year. As part of this commitment, we want to increase our capacity in the US to 1.2 million from 800 to 900,000 today. And then we want to increase our supply chain, including a steel mill in Louisiana and then additional investments in technology like robotics, data centers, so on and so forth. But the most important that we have announced during the New York show last week is that we're going to introduce in the market 58 new products, 36 are going to be Hyundai products and 22, they're going to be Genesis and then through the next four years. And then the most important for us was the introduction of the Boulder concept because when you look at the behavior and the performance of the of the brand in America, I think we do pretty much a good job. So we just ended Q1 with an all time record. We had a 2025 overachieving 1 million wholesales for the first time ever. And we're thinking how we can continue to grow and link this to our commitment To America for America. We thought that the only segments where we are not competing today are the body on frame. We got a fantastic review by the press. So thank Matt everybody. Love the designs. I can tell you that the reality is going to be better than that. Our designers never disappoint us.

[Matt]

I will tell viewers who don't know body on frame means it's a much more robust vehicle. That's a truck, right? As opposed to the unibody cars. And you need that in this region because of all the potholes and broken down roads that that take a beating. But it's one that has long been dominated by US players. Because of this tax we have a 25% tariff on light duty TR built overseas that come in here. Where would you build such a body on frame vehicle?

[Jose Munoz]

Definitely here in America. These would be part of our strategy to be localized, to be vertically integrated, part of the $26 billion. So we want to make it here with our supplier base and then to the taste of the American consumer.

[Unidentified Interviewer]

These though I mean are very long term plans that you've put in place. So I'm assuming short term fluctuations in consumer behavior isn't going to change that. But are you seeing changes in consumer behavior now having deal here in the US with gasoline above $4 a barrel?

[Jose Munoz]

Yeah, we see that all the time. So our strategy is being different to other OEMs in the sense that we want to offer the customers what they want, when they want it. And as such we not only invested on EVs but also on hybrid. We're going to start producing hybrids this year in our H&GMA plant in, in Savannah. And we have also announced that we will introduce er, EV extended range EVs next year in the country. So that's how we came to the conclusion that you know, if consumers want more EVs we have to produce more EVs. They want more hybrids, we have to produce more more hybrids. If they want the for example a bolder type of vehicles we will. But to your question, we have seen a significant change in the dynamics. So for example in the month of March we've seen an increase of EV sales of about 40% compared to February. So definitely when the American consum consumer sees an increase in fuel prices, they try to move to solutions which are more friendly in terms of cost. Right. Especially in states like California.

[Matt]

We saw today that this administration isn't going to give any help on aluminum and steel tariffs to automakers that produce here. Are you penalized to some extent for producing a car here because if you made it in Korea, you might get just a 15% flat tax. And when you build a car here, you've got to pay the 50% on aluminum, 50% tariffs on steel. You've got to pay the tariffs on all of the components that come together. And Ford says they end up actually paying more to build a comparable vehicle than, than than you do when you make it in South Korea.

[Jose Munoz]

Well, that's a very good point. That, that's why in our case the strategy is very simple, is a localization and that's why we are going to produce this boulder with steel. Made in America saw full integration. The steel, the logistics, the components, the manufacturing, the workers, everything is going to be made in America, including the steel.

[Matt]

I have to ask you about Magma, which is the your answer to AMG or BMW M. I saw the wingback concept yesterday, which was fantastic. I know you're going to race at Le Mans, which is increasingly becoming like the Davos of car manufacturers. Can you really compete against BMW? Can you compete against Mercedes? Can you compete against Audi with that vehicle here, with that brand here in America?

[Jose Munoz]

Without a doubt. So last year we saw an all time record 82,000 Genesis in this market and then last year we also achieved our 1 million Genesis sales. So we've been the fastest growing luxury OEM globally because we did that in only nine years and six months. So faster than Tesla, faster than other luxury competitors. So and definitely as a part of the evolution as a next frontier for our luxury brand, we wanted to get into the competition. So the WAR endurance championship. So you have an open invitation, Matt, to be able to, to join us in Le Mans and then it needs to be real. That's why we came up with the Magma Orange and the Magma concept which if you saw the number GV60 gives you standard mode, more than 600 horsepower, but if you push the boost motor so you're going to get to 650 horsepower for about 15 seconds. So this is the Bloomberg Boost or the mat boost. Like 3.4 seconds to make it to

[Unidentified Interviewer]

100 miles is F1 next.

[Jose Munoz]

That's up on next year, so you can, you can try. So we're going to be credible contender and he's going to be real performer.

[Matt]

All right, Jose, great having you here. Thanks so much for joining us and I look forward to seeing you on the track at Le Mans as well. Jose Munoz there, the CEO of Hyundai and Genesis. Be sure to listen to Hot Pursuit. By the way, that's my autos podcast with Hannah Elliott and you saw some of the video of me there at the car show with Christina Rafini. CHRISTINA raffini, Because Bloomberg this weekend is going to show a big piece about what we saw and did at the New York International Auto show. And it was a lot of fun.

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