Hyundai debuts China-specific EV at auto show

Hyundai Motor Co. President Jose Munoz has vowed to lead a turnaround in China, invoking the legacy of late Hyundai Group founder Chung Ju-yung as the company seeks to regain momentum in its key overseas market.

“I will bring Hyundai Motor back to growth in China, carrying forward the spirit of Chairman Chung Ju-yung,” Munoz said on April 24 (local time) at a press event during the Beijing Motor Show at the China International Exhibition Center. The company also unveiled the China-specific electric vehicle Ioniq V for the first time globally at the event.

Munoz acknowledged that Hyundai had grown complacent during earlier success in China. “Over the past 24 years, we sold 12 million vehicles in China, but we became overconfident when conditions were good,” he said. “We have since learned to listen more closely to our partners, dealers and customers, and to stay humble.” He added that Hyundai would continue refining its strategy based on those lessons to find the most effective path forward.

China has been scaling back incentives for electric vehicles. Tax benefits that once reached up to 30,000 yuan (about 6.48 million won) have been cut in half this year, while subsidies have shifted from flat payments to price-based support. The changes are expected to cool demand and intensify competition in the EV market.

Despite the tougher environment, Munoz said Hyundai would draw on its global performance record, where it has continued to post strong results even amid geopolitical and economic headwinds. “Even during periods of high U.S. tariffs and conflicts in the Middle East, Hyundai achieved record performance,” he said. “We will bring the experience of a company ranked third globally in sales and second in profitability to China.”

He said automakers must now compete on fundamentals such as safety, quality and pricing as government support declines, adding that success in China could also help cushion risks in other regions.

Hyundai Motor plans to launch 20 new models in China over the next five years and aims to raise annual sales to 500,000 units as part of its recovery strategy. The newly unveiled Ioniq V is designed specifically for Chinese consumers.

Heo Jae-ho, Hyundai Motor’s chief technology officer in China, said the model features voice recognition and personalized services powered by large language models developed by Chinese artificial intelligence companies, along with support for Baidu, China’s largest internet platform. He added that the vehicle includes a range of smart technologies tailored to younger buyers.

Munoz also outlined broader expansion plans, saying strong performance in China could pave the way for entry into markets such as Australia, Southeast Asia, the Middle East and Latin America.


Won-Joo Lee takeoff@donga.com