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THE INVESTOR
September 26, 2022

Markets

[CES 2022] Hyundai Motor aims for chip self-reliance in long run

  • PUBLISHED :January 10, 2022 - 11:53
  • UPDATED :January 10, 2022 - 11:53
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Hyundai Motor’s Global Chief Operating Officer Jose Munoz (Hyundai Motor)

LAS VEGAS -- Seeking control of its own destiny, Hyundai Motor is making efforts to be self-reliant in automotive chips, its US chief told reporters at CES 2022 on Thursday.

“Definitely, as one of the big OEMs, we cannot be dependent on external factors to try to have control of your own destiny, right? So all OEM groups are making efforts to be self-dependent. And this is not an exception for us,” said Jose Munoz, Hyundai Motor’s global chief operating officer and president of the North American unit.

“Having our industrial power, I think, is a key strategy to try to localize the production of chips. Not this year, because as you know, this is a big picture that takes quite a lot of time and big investment to increase the production of chips,” Munoz pointed out.

For the meantime, Hyundai Motor North America is well equipped with the three pillars of growth: sport utility vehicles, electric vehicles, and luxury vehicles.

“We have now the best portfolio we’ve ever had to be very competitive in the US market based upon these three big trends of the market,” said Munoz.

Hyundai Motor North America awaits the launch of the new Tucson, the new Santa Fe and also the Santa Cruz model this year to maintain its SUV position, which is responsible for 65 percent of its entire sales.

Meanwhile, the Korean auto giant’s battery EV sales in the US have grown more than 130 percent on-year.

“So we are really getting ready to support the 40 to 50 percent of sales with battery EVs in the US market by 2030,” said Munoz.

He is also focusing on making Genesis, which saw its sales triple year-on-year, a true luxury brand.

“I’m very proud that our consumer-facing transaction price, as per JD Power, a so-called PIN, is above big competitors like BMW, Audi, and Lexus,” he added.

In regards to local manufacturing of EVs, Hyundai North America is planning to invest $7.4 billion through 2025 in future mobility such as urban air mobility and robotics but also in local EV production.

“We are working on developing concrete plans, which we will announce soon. But what I can confirm to you right now is that we will produce EV vehicles in the United States, without a doubt,” he said.

For Hyundai, the Ioniq name is now shifting from a single car to become an electric sub-brand for Hyundai with several models.

“We have some determined selectivity criteria for those Hyundai dealers who are going to be Ioniq5 dealers. ... One of the criteria to become an Ioniq dealer is to provide charging infrastructure. And we are getting a lot of support from the global headquarters to ensure that we are able to apply, also to the right markets, the supercharging capability,” said Munoz.

Hyundai Motor is currently working with Electrify America to establish charging stations.

"I want you to know as well that we are not only working on charging infrastructure for EVs but also on ensuring the same for fuel cell EVs,” he added.

By Hong Yoo, Korea Herald correspondent
(yoohong@heraldcorp.com)

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