“In China, for China”: Hyundai Motor Company Pursues Core Technology Cooperation for Ioniq V

Under its strategy of “in China, for China, and to the world,” Hyundai Motor Company has declared a head-on challenge in the world’s largest auto market. The company says it is abandoning its complacency in the Chinese market and moving toward full localization. It also unveiled a blueprint to regain market share in China with the customized electric vehicle Ioniq V, which incorporates China’s information technology and battery ecosystem, and then re-export that model to global markets.

José Muñoz, president and CEO of Hyundai Motor Company, made the remarks on the 24th at a briefing held during Auto China 2026 at the Beijing Exhibition Center in Beijing. The event brought together top executives who oversee the Ioniq V project, including Muñoz, SangYup Lee, executive vice president in charge of Hyundai and Genesis global design, Heo Jae-ho, chief technology officer for Hyundai Motor China, and Wu Zhoutao, chairman of Beijing Hyundai. Their presence underscored the company’s strong commitment to its China business.

The Ioniq V unveiled by Hyundai Motor Company at the auto show is the culmination of its localization strategy. It is equipped with a CATL battery and has secured Level 2+ autonomous driving technology through cooperation with Chinese self-driving startup Momenta. The vehicle also adopts an infotainment system based on ByteDance’s large language model, effectively transplanting China’s technology ecosystem. Hyundai Motor Company plans to further advance the autonomous driving system to Level 2++ in the future.

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Muñoz explained that cooperation with local partners would add more localized elements to Hyundai Motor Company, while also refreshing the brand image and strengthening brand power.

On design, the company focused on differentiating itself from existing Chinese brands. Lee said, “We added a sporty feel with a bold silhouette that would be impossible for an internal combustion engine vehicle.”

Starting with the Ioniq V, Hyundai Motor Company plans to launch 20 new models over the next five years and raise annual sales in China to 500,000 units by 2030. The plan also includes export volumes.

Muñoz said, “If we grow successfully in China, it will become a hedging opportunity that helps us prevent risks in other regions.” He added, “Depending on the success of the China launch, we are considering expansion in the order of Asia-Pacific, Australia, and Southeast Asia.” The statement amounts to a declaration that Beijing Hyundai will be redefined as a key pillar of the global supply chain.

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Muñoz also stressed again that, as China’s support for electric vehicles has recently declined, a company’s core competitiveness has become even more important. He said, “We will work with local partners to strengthen fundamental competitiveness in safety, quality, and price.”

Hyundai Motor Company’s executives also delivered unusually sharp self-criticism over the company’s past struggles in the Chinese market. Muñoz said, “Over the past 24 years, we sold 12 million units, and when things were going too well, we became complacent and overly confident.” He added, “We learned humility in China and kept analyzing what was working and what was not.” He also emphasized, “Embracing challenges and making leaps forward is the philosophy of the late founder Chung Ju-yung,” adding that the company would carry on that spirit and take on China again.

Wu Zhoutao also previewed the launch of the Ioniq E and an extended-range electric vehicle (EREV). The Ioniq E appears to be an SUV based on Hyundai Motor Company’s earlier concept car, the EARTH Concept. Including those models, the company plans to introduce three battery electric vehicles and three EREVs within two years.

Beijing, Han Ji-yeon

This article has been translated by GripLabs Mingo AI.