The Hyundai Group recently surpassed Honda to claim second place in US hybrid sales, trailing only Toyota, according to available data. Chinese automakers expanded rapidly across Europe, negatively affecting established domestic brands such as Volkswagen, Volvo, and Mercedes.
These Chinese vehicles in Europe average a price point that is 30 percent lower than comparable models made within Europe. In contrast, electric vehicle sales in China represent more than 60 percent of total sales, while in Europe, they account for over 20 percent of sales.
Meanwhile, US electric vehicle sales remain below 6 percent of the total market. José Muñoz stated that a level playing field is necessary to minimise damage resulting from China's electric vehicles.
Regarding the US market, Muñoz confirmed that Hyundai has not developed specific strategies for Chinese imports. President Donald Trump expressed openness to Chinese automakers establishing manufacturing plants within the US, provided they hire American workers.
The Hyundai Group has established a battery manufacturing joint venture with SK On in Georgia, near its Metaplant. Furthermore, Hyundai invested $5.8 billion in Louisiana to facilitate the production of green steel.
