"Reclaiming China with the Chung Ju-yung Spirit"... First Localized Model Is the 'Hyundai Ioniq V'

【The Financial News Beijing, China=Kim Dong-chan】José Muñoz, president and CEO of Hyundai Motor Company, openly acknowledged the company's past struggles in the Chinese market and formally declared a comeback. Backed by the electric vehicle brand Hyundai Ioniq V, the company plans to target the smart car market head-on through broad cooperation with local Chinese firms. Jang Jae-hoon, vice chairman of Hyundai Motor Group, also voiced a strong determination to recover, saying, "We will definitely create success in the toughest market."
■A comeback declared in the spirit of Chung Ju-yung
At the "Beijing Hyundai Ioniq China launch briefing" held on April 24 at the Beijing Exhibition Center convention hall, Muñoz said, "We tended to become complacent and overconfident when things were going well." He added, "In China, we learned how to be humble and listened to the voices of our partners, dealers and customers. We are different from the past." Senior executives attending the event included SangYup Lee, executive vice president in charge of global design at Hyundai Genesis, Heo Jae-ho, executive vice president and CTO for Hyundai Motor Company China, and Wu Zhoutao, co-president of Beijing Hyundai.
Muñoz said, "Embracing challenges and using them as a springboard is the philosophy of our founder and chairman." He added, "Going forward, we will adjust our strategy through learning and find the best direction."
The Hyundai Ioniq V is the first localized model under the Ioniq brand for China. It is equipped with a battery developed in collaboration with CATL, and through cooperation with autonomous driving specialist Momenta, it offers highway Level 2+ autonomous driving and memory parking functions.
Heo Jae-ho, executive vice president and CTO for Hyundai Motor Company China, said, "We plan to expand cooperation to Level 2++ autonomous driving across future China-bound Ioniq models."
Smart technologies have also been tailored for the Chinese market. Based on ByteDance subsidiary Doubao's large language model (LLM), the vehicle provides voice recognition, smart recommendations and personalized services. It also supports third-party apps including Baidu, Amap and WeChat. Features favored by younger Chinese consumers, such as karaoke, have been added, along with a 27-inch large display and a high-performance chip.
At the venue, the design of the Hyundai Ioniq V drew strong praise. A Chinese visitor at the auto show said, "It is an astonishing design for a mass-produced model." The visitor added, "Its overwhelming sporty exterior makes it the most memorable vehicle among those displayed at this auto show."
■Competing on core competitiveness as subsidies are cut
On the issue of reduced EV subsidies in China, the company said it would respond through vehicle competitiveness. Wu Zhoutao said, "As the exemption on acquisition taxes was reduced, the share of new energy vehicles (NEV) fell below 50% in January and February this year." He added, "Chinese consumers now want not just electrification, but intelligence in their vehicles."
In response, Hyundai Motor Company set a goal of rolling out 20 new models in the Chinese market by 2030 and achieving annual sales of 500,000 units. Wu said the company plans to launch three battery electric vehicles (EV) and three extended-range electric vehicles (EREV) within two years.
The company is also looking beyond China's domestic market to overseas expansion. Muñoz said, "In line with our 'in China, for China, to global' strategy, we will consider sales expansion in the order of Asia-Pacific, Australia and Southeast Asia, depending on the results of the China launch." He added, "The Middle East and LATAM are also among the candidate regions." He further said, "As a global automaker ranked third in sales and second in profitability, I can say with humility and confidence that Hyundai Motor Company can survive in the Chinese market."
On the same day, Jang Jae-hoon, vice chairman of Hyundai Motor Group, also attended Auto China 2026 and said, "China is the most difficult market, but we will rise again and create success." He described China as "a market where we need to learn a lot and gain a lot." He also stressed, "Since electrification and smart mobility have already become mainstream, we will focus on finding differentiated technological points that only Hyundai Motor Company can offer."
Jang also met with key local partners at Hyundai Motor Company's booth, including Robin Zeng, chairman of CATL, and Zhang Jianyong, co-president of Beijing Automotive Group, to review their cooperation.
eastcold@fnnews.com Kim Dong-chan Reporter