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Wednesday, Aug 17, 2022

Hyundai CEO Sees Hopeful Sales Signs in May

One of OC’s top auto executives is seeing positive sales indicators nationally, as California’s phased reopening continues to inch forward.

Fountain Valley-based Hyundai Motor America Inc. reported total sales in May down 13% from the year-ago period to 57,619. The decline is narrowed from the 39% drop in total sales reported on a year-over-year basis in April. A look at retail sales alone also indicated a bright spot there with sales swinging to a gain.

Consider it a win, according to José Muñoz, global chief operating officer of Hyundai Motor Co. and CEO and President of Hyundai Motor North America.

He credited a lot of the work to the carmaker’s dealers and executives in South Korea.

“Our efforts have paid off,” Muñoz told the Business Journal this month.

“In May, Hyundai retail sales were up 5% over the previous year. We also outperformed the industry, gaining more market share than any other car company in May.”

Flexibility Pays Off

“The events of the last few months have certainly impacted our business, but with the support of our dealers Hyundai has adapted quickly,” Muñoz said. “Thanks to our global leadership in Korea, we were given maximum flexibility to incentivize our dealers and customers during this unforeseen decline in the market due to COVID-19.”

He pointed to the return of the Assurance Job Loss Protection program and enhancing digital tools that allowed dealers to conduct businesses digitally during the pandemic.

Hyundai’s local employee base has largely worked remotely since mid-March. It employs some 470 people at its headquarters off the San Diego (405) Freeway.


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