Muñoz: "The EV chasm is over... only the pace differs by region"

[Financial News] José Muñoz, president of Hyundai Motor Company, said the global EV chasm, or temporary stagnation in demand, has effectively ended.
At a media briefing for the '2026 Kia CEO Investor Day' held at the Conrad Hotel in Yeongdeungpo District, Seoul, on the 26th, Muñoz said, "We believe there is no longer a chasm, and only the pace differs by region."
He explained, "Growth rates vary across markets depending on the pace of technological progress." He added, "In Europe, there is clearly no chasm because people have no choice but to drive EVs to meet environmental regulations, and China is the largest market, with EVs accounting for 50% of sales."
On North America, where EV penetration remains relatively low, he predicted, "As the Hyundai Ioniq 5 is introduced as a Waymo LLC autonomous vehicle and rolled out globally, this case will gradually disappear."
In response to concerns about expanding in the Chinese market, he said, "China is a realistic target for Hyundai Motor Company and a market where we can do better, because we already have production capacity and it is a good export hub."
Asked why the company did not unveil specific new investment plans at this year's event, unlike in previous years, he explained, "This time, we focused more on regional strategies and product planning. Our investment plans remain unchanged."
Regarding the price of the newly launched Hyundai Elantra, he said, "Raw material prices and logistics costs have risen, and costs have increased as advanced technologies have been added." He added, "If we determine that price adjustments are needed after reviewing the market, we will take the necessary steps."
On whether Boston Dynamics will go public, Heung Soo Kim, vice president in charge of the Global Strategy Office (GSO), said, "We are internally reviewing which option would be best, but nothing has been decided."
Addressing concerns that the shift to software-defined vehicles (SDV) could raise costs, Minwoo Park, head of the Advanced Vehicle Platform Division (AVP), explained, "Through quality control and hardware integration, we can deliver the same performance with less memory, which is ultimately a way to make it cheaper."
Heung-jo Lee, head of the finance division, added, "We expect to see some results in cost reductions for mass-produced vehicles starting this year, and by 2030, the scale is projected to reach trillions of won."
[email protected] Kim Dong-chan Reporter