Hyundai vows deeper China push after 'lessons learned'

Hyundai has vowed to stay humble in China after the South Korean carmaker said it has "learned lessons" in the world's largest market.

"We're confident, but we're humble," said President and CEO Jose Munoz on Thursday on the sidelines of the Beijing auto show, where the company introduced the IONIQ brand into China.

As part of its renewed initiative, Hyundai plans to launch around 20 new products in China over the next four to five years, spanning electrification and intelligent technologies.

"We have learned our lessons in this market. We need to work harder, offer better products and technology, and be very competitive," said Munoz, the first foreign national to lead a South Korean conglomerate.

Hyundai was once among the most successful foreign brands in China, with cumulative sales exceeding 12 million vehicles over more than two decades.

But like several global automakers, it has faced mounting pressure in recent years amid intensifying competition from domestic players and the rapid shift toward electrification and intelligent vehicles.

Munoz acknowledged that past success may have contributed to complacency.

"When you do well, you can become complacent," he said. "You think what you are doing is right, and maybe you stop listening — to customers, to partners, to the competition."

Regaining that discipline, he added, is now central to Hyundai's strategy in China.

Munoz emphasized that the company is shifting toward a more localized and responsive operating model, with greater emphasis on understanding consumer preferences and benchmarking against competitors.

"We want to be closer to the market. We want to listen more, analyze more, and challenge ourselves," he said.

One example is that IONIQ vehicles will incorporate more localized features, including batteries from CATL and ADAS solutions from Momenta.

"We don't want to abandon this market," Munoz said. "This is the largest market in the world, and we believe it will continue to grow. It is also a place where we can learn best practices and apply them elsewhere."

The South Korean automaker has set a target of reaching 500,000 annual sales in China by 2030, a figure Munoz described as "reasonable" given the company's past performance and current positioning.

"It is a humble number," he said. "But it is better to be humble and build a solid position, and then grow from there."

The goal would account for about 9 percent of Hyundai's global sales by the end of the decade, up from just over 4 percent last year.

Globally, Hyundai has maintained strong momentum. Munoz noted that the group has ranked among the world's top three automakers for four consecutive years and recently rose to second place in profitability.

However, he stressed that global scale does not guarantee success in China, where competition is particularly intense and fast-moving.

"Nothing is granted," he said. "One thing is the presentation; another is real execution. The team is committed to getting it done right."

Wu Zhoutao, chairman of Beijing Hyundai, said the Sino-South Korean joint venture has significantly improved decision-making efficiency, laying a solid foundation for faster product development and rollout.

He acknowledged that in the past, decision-making was slower as key issues required alignment between the Chinese and South Korean sides.

"Over the past year, Hyundai's top management has made several trips to China. Today, our internal teams can move much faster, and that has become the foundation for rapid product iteration," he said.