Hyundai COO José Muñoz sees strong potential in U.S. electric car market

The U.S is still behind Europe and China in the race to increase electrification. However, despite rising inflation, Hyundai Motor Company’s Chief Operating Officer, José Muñoz, believes that the U.S. EV market is heading in a better direction compared to other countries. With the rise in gasoline prices, Muñoz believes that American interest in EVs will increase sooner than later. The COO currently oversees products and sales of Hyundai in Europe, South America, Africa, India, and the Middle East.

At a conference, José Muñoz strengthened his main idea and thoughts by stating that the macroeconomic state of North America is still strong, even with inflation. He sees that the U.S, specifically, is turning to electric vehicles, especially as gas prices rise without prediction of when they will stabilize and lower.

Sales of Hyundai’s electric and hybrid automobiles demonstrate this. While the brand’s overall sales are down 16%, hybrid and electric vehicle sales in the U.S. were up 14% through May. Even with the overall sales dip, Hyundai is building a $51.6-million safety lab in Superior Township that will employ 160 engineers in late 2023. The company cares about the safety of its vehicles, and the center will dedicate time to researching and understanding accidents reported by their EVs and hybrids. While Hyundai cannot force dealers to sell their cars lower, they advise dealers not to hike up prices.

Did you enjoy this article? Read other articles on CBT News here. Please share your thoughts, comments, or questions regarding this topic by submitting a letter to the editor here, or connect with us at newsroom@cbtnews.com.