Hyundai Motor CEO Jose Munoz cautioned that unless Washington preserves tariffs and market-access safeguards, the US might face a wave of Chinese auto imports similar to what has affected Europe’s car industry.
Munoz said Chinese vehicles are 30% to 40% cheaper than rival models in some markets, including Italy, Spain, and France, despite trade barriers such as tariffs and minimum pricing commitments the European Union imposed on Chinese-built electric vehicles.
The comments come as Chinese car manufacturers have rapidly expanded in Europe, reducing the market share and profits of well-known brands like Hyundai and Volkswagen by offering vehicles at much lower prices.
“The UK, which in the past was a very profitable, very strong market, has become like China,” Munoz said in his address in San Jose, California. “All the top sellers are Chinese because there are no barriers.”
Regarding tariffs, “I think we could expect similar things to happen in the US, at different levels, unless there are certain conditions,” he said.
In the meantime, Hyundai is working with Nvidia to launch the Level 2+ and Level 2++ equipped vehicles in 2028.
“I don’t like delaying anything… If you’re humble, you realize your technology is not good, maybe you need to try a partnership.”
“We want to internalize,” he said. “We may buy things here or there, or have partnerships temporarily, but for relevant technologies like batteries, we want to have our own technology.”
Hyundai shares rose almost 1% Friday following the announcement.
By CEO NA Editorial Staff
