Hyundai Motor’s 1st foreign CEO sees quality, differentiation as key to growth

Seoul:  Jose Munoz, the first foreign chief executive officer (CEO) of Hyundai Motor, has underscored high-quality products and differentiated strategies as keys to growth, the company said on Friday.

Munoz shared his strategic vision for the company in a town hall meeting with 15,000 employees at its Namyang R&D Centre, just south of Seoul.

He underlined highest-level product quality and design, differentiated strategies depending on markets and customer-oriented services as three major goals to achieve, Hyundai Motor said in a press release, reports Yonhap news agency.

As for Hyundai’s future electric vehicle (EV) strategy, the CEO said the company will flexibly respond to changing market demands.

Carmakers have suffered lacklustre demand for EVs amid the EV “chasm,” believed to be occurring before the widespread adoption of all-electric cars.

“We (will) continue to lead the transition to electrification. We understand that this business is based on consumer demand, which is why we continue to invest in hybrid EVs, extended range electric vehicles (EREV), hydrogen fuel cell vehicles and vehicles powered by internal combustion,” Munoz said.

More powertrain choices across Hyundai’s lineup are emblematic of its flexible approach, he noted.

As for autonomous driving, he said it has incredible potential to make driving safer by drastically reducing accidents, as well as being more convenient and efficient, adding the company is making long-term investments with autonomous driving.

In November, Munoz was promoted to the current position from global chief operating officer at Hyundai. It was the first time for the South Korean carmaker to appoint a foreign national to such a top post.

His promotion is seen as a strategic move aimed at strengthening Hyundai’s response in the United States, the world’s most important automobile market, under the second Donald Trump administration.

Prior to joining Hyundai in May 2019, Munoz served as chief performance officer for Nissan Motor Corp. and the chairman of Nissan China.

—IANS