Hyundai CEO: US Could Be 'Overrun' by Chinese EVs Like Europe — SkimNews
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- Hyundai CEO José Muñoz said only a 'level playing field' can minimize damage from Chinese automakers, warning the US could be 'overrun' like Europe without protections in place.
- Muñoz acknowledged Hyundai has no specific defensive strategy for Chinese imports, telling the outlet: 'We don't develop strategies specifically because of the Chinese.'
- Hyundai is betting on vertical integration, including a $5.8 billion investment in Louisiana to produce green steel, to keep costs down and stay competitive.
- Chinese vehicles sold in Europe are about 30 percent cheaper than comparable European-made models even after EU import tariffs, a dynamic Muñoz says could repeat in the US.
- US EV adoption sits below 6 percent of sales, compared with over 20 percent in Europe and over 60 percent in China, with lack of affordable models cited as the biggest barrier.
- Hyundai recently surpassed Honda to claim second place in US hybrid sales behind Toyota, with hybrids — not pure EVs — keeping its electrification business afloat.
- Hyundai operates a battery manufacturing joint venture with SK On in Georgia near its Metaplant, though Muñoz conceded the US still trails China on battery critical mass.
Why it matters: Hyundai, now the #2 US hybrid seller behind Toyota, is exposed if trade barriers fall: it has no targeted China counter-strategy, only general cost-cutting and $5.8B in vertical integration, while the US EV market (under 6% share) lags Europe (20%+) and China (60%+).
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