Hyundai Motor CEO Jose Munoz suggested the automaker could expand production in the United States to respond to tariffs.
According to Bloomberg News, Munoz told reporters on April 20 in Milan that tariffs are weighing on the company and that the short-term outlook is “really difficult.”
Munoz said producing more vehicles in the United States could help the company avoid added costs. Hyundai makes about half of the vehicles it sells in the U.S. locally, while the rest are imported and subject to a 15% tariff, he said.
“We need to make efforts to minimize costs,” Munoz said, adding that one of the easiest and most direct ways is to speed up localization.
He said Hyundai will aggressively cut costs and adjust prices to offset the immediate financial impact. Munoz also said the Iran war is causing significant disruption in the Middle East, Hyundai’s most profitable market, affecting both demand and logistics.
* This article has been translated by AI.
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