DETROIT – The Hyundai brand has catapulted ahead of rivals in the U.S. sales rankings in three short years, but North America CEO Jose Muñoz says the company is in "crisis mode" as it ramps up investment to expand its domestic footprint and turbocharge U.S. growth.
Speaking Tuesday at the Automotive News Congress, Muñoz said Hyundai Motor America's automotive operations and those of its 835 independent dealers contributed some $20.1 billion and 190,000 jobs to the U.S. economy in 2021.
And more is on the way, Muñoz said, thanks to last year's commitment by Hyundai Motor Group Chairman Euisun Chung to invest some $12.6 billion in the U.S. by 2025.
The avalanche of investment comes as the Hyundai brand gallops up the retail standings.