CEO Jose Munoz Outlines Strategy for Hybrid and Electric Vehicle Growth at Shareholders Meeting
Jose Munoz, CEO of Hyundai Motor Company, delivers a speech at the 58th Annual General Meeting of Shareholders held at Hyundai Motor’s headquarters in Seocho-gu, Seoul, on March 26. (Photo provided by Hyundai Motor)
Jose Munoz, CEO of Hyundai Motor Company, addressed the 58th Annual General Meeting of Shareholders at Hyundai Motor’s headquarters in Seocho-gu, Seoul on March 26. Munoz unveiled an ambitious strategy for Hyundai’s future, emphasizing localization, region-specific products, and a transformation into a technology-driven company to bolster its position in the competitive global automotive market.
Hyundai Motor Group plans to increase its global production capacity from about 7.2 million units last year to over 8.4 million units by 2030, an increase of 1.2 million units. This expansion involves ramping up hybrid vehicle production at facilities such as Hyundai Motor Group Metaplant America (HMGMA) and creating new production bases in India, Saudi Arabia, and Vietnam. “We will ramp up hybrid vehicle production at facilities like HMGMA and establish new production bases in India, Saudi Arabia, and Vietnam,” Munoz stated.
In the United States, Hyundai plans to increase local production capacity from last year’s 1 million units to 1.2 million units annually. Additionally, the company aims to secure an extra production capacity of 250,000 units at its Pune plant in India. By 2030, Hyundai intends to launch a total of 36 new models in the North American market and introduce an ‘extended-range electric vehicle’ (EREV) capable of traveling over 965 kilometers on a single charge starting in 2027. Furthermore, the company plans to strengthen its U.S. market presence by launching a mid-size pickup truck before 2030.
Hyundai’s investment strategy is equally robust. Domestically, the company plans to invest 125 trillion won (approximately $83.3 billion) by 2030 while concurrently investing approximately 39 trillion won in the U.S. by 2028. A significant portion of this investment will focus on establishing an annual production system for 30 thousand robots by 2028 through its affiliate Boston Dynamics.
The introduction of advanced autonomous driving technologies is another cornerstone of Hyundai’s strategy. Starting this year, ‘Level 2+’ autonomous driving technology will be integrated into new Genesis models, beginning with the facelifted flagship sedan Genesis G90 set for release in the second half of this year. Level 2+ technology allows hands-free driving on highways under certain conditions but requires drivers to remain vigilant and ready to take control.
Looking further ahead, Hyundai plans to advance to ‘Level 2++’ starting with the Genesis GV90 after 2028. This enhanced technology will enable hands-free driving not only on highways but also in urban areas, aiming to close the gap with Tesla’s supervised Full Self-Driving (FSD).
These strategic moves are part of Hyundai’s broader goal to solidify its position as one of the ‘Global Big 3’ automakers, narrowing the gap with industry giants Toyota (10 million units annually) and Volkswagen (approximately 9 million units). The company’s focus on localization reflects its commitment to tailoring products for diverse markets worldwide.
Ultimately, these developments signal Hyundai’s intent to remain competitive in the physical artificial intelligence (AI) race, which is centered on the advancement of software-defined vehicles (SDVs) and robotics.
Michael Herh
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