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

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.

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]

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]

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]

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.

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.