Hyundai’s new president and CEO, Jose Munoz, has downplayed any concerns over Elon Musk’s close relationship with former President Donald Trump, emphasizing the company’s commitment to investing in the U.S. market. Munoz, who assumed leadership of the automaker on January 1, stated that Hyundai views the U.S. as its “most important market,” noting that their substantial investments in the country are driven by strategic goals rather than government incentives, particularly those under the Biden administration.
Musk, who has played a significant role in supporting Trump’s political endeavors, is expected to push for policies that could benefit Tesla while potentially limiting support for competitors. Despite this, Munoz sees Musk’s influence on the industry as beneficial. “I don’t see that as a concern, honestly,” Munoz told Bloomberg in a recent interview. “Having someone who is close to the U.S. industry and to the EV world should be positive for the industry. It’s in his own interest and probably in the interest of the country to trigger investments and growth.”
While Musk has previously supported the abolition of the federal EV tax credit, which could benefit Tesla, Munoz emphasized that Hyundai’s decision to invest in the U.S. long predates the Biden administration’s policies. “We haven’t invested in the U.S. because of IRA (Inflation Reduction Act) or because of incentives in general,” he stated. “We believe the U.S. market is the most important for us today, and it’s going to continue to be the most important in terms of both the absolute and the growth.”
Hyundai’s recent $5.5 billion investment in an electric vehicle (EV) manufacturing facility in Georgia highlights its dedication to the U.S. market. The facility, which began production of the all-electric Ioniq 5, will eventually produce five additional EV models from Hyundai, Kia, and Genesis, as well as several hybrid models. With an annual capacity of 300,000 units, the site has the flexibility to scale up production to 500,000 units.
