Latest news with #JoseMunoz
Korea Herald
3 days ago
- Automotive
- Korea Herald
Hyundai Motor denies tariff-driven US price hike rumors
Hyundai Motor Company has pushed back against speculation that it plans to raise vehicle prices in the US in response to the Trump administration's recently imposed 25 percent tariff on imported cars. The denial follows a Bloomberg report on Thursday that said Hyundai is ready to increase retail prices in the US by around 1 percent as early as next week to offset the impact of the tariff. Citing an anonymous source, the report also mentioned a potential rise in shipping costs and the prices of certain optional features. 'We have not made any decision regarding price changes after the current price guarantee period ends on June 2,' a Hyundai Motor official said on Friday, clarifying that this is the company's official stance. The official explained that June is the period when the company conducts its regular price review to adjust for market changes, but this review is not related to the recently imposed tariff. The 25 percent tariff, which took effect April 3, has raised concerns within the industry. Hyundai, however, has consistently denied any direct link between the levy and retail pricing decisions. The company has pledged to maintain its current vehicle prices, including those for its luxury brand, Genesis, through June 2 despite the tariff. Hyundai Motor's CEO Jose Munoz, also stated during his speech at the Seoul Mobility Show 2025 on April 3 -- the same day the tariffs were imposed -- that there were no plans to raise prices in the US. In a separate speech in New York, however, he was reported to have hinted at possible price adjustments depending on future market conditions after June. Hyundai has come under growing pressure to review its US pricing strategy since the tariff was introduced. The company is expanding its local production capacity with the recent opening of Hyundai Motor Group Metaplant America in Georgia, which adds up to 300,000 units in annual capacity. However, a significant portion of its US vehicle supply is still imported from Korea. Hyundai Motor Company's Korean plants exported 637,638 units to the US last year, accounting for approximately 69.9 percent of its total US sales.
Auto Blog
4 days ago
- Automotive
- Auto Blog
Bad News for Buyers? Hyundai CEO Stays Silent on Future Price Freezes
A potential change of plans On April 4, Hyundai announced to concerned buyers that Hyundai and Genesis vehicles would not see any price increases for the next two months to calm buyers' concerns about President Trump's 25% tariff on foreign auto imports and their impact on local showrooms. However, in a new interview with Automotive News, Hyundai Motor Co. CEO Jose Muñoz maintained that other external factors are affecting the price of their cars, which can change. 0:05 / 0:09 2025 Audi S3: 4 reasons to love it, 2 reasons to think twice Watch More Hyundai Global President and Chief Operating Officer Jose Munoz poses beside the newly unveiled 2024 Santa Fe at the Hyundai press conference at Automobility LA. — Source:Tariffs are not the only factor affecting price, says Muñoz The current Trump administration and its heavy tariffs get much of the attention when it comes to the uncertainty surrounding the new car market; however, Hyundai CEO Jose Muñoz told AN that many dynamics are at play when it comes to maintaining the 'momentum' when it comes to sales growth. In his view, tariffs aren't the main concern when it comes to selling cars to customers. Instead, a more pressing set of numbers has consequences for both Main Street and Wall Street. 'There are many discussions between different countries and the U.S. concerning tariffs, which will have an impact, but the most important factor impacting sales, from my point of view, is interest rates,' says Muñoz. 'If the Fed lowers the rates, we will see an increase in sales, and maybe the industry will deliver solid growth.' Hyundai line workers assemble a Hyundai IONIQ 5 on the assembly line at Hyundai Metaplant Georgia Hyundai and Genesis's price guarantee programs, 'Customer Assurance' and 'Genesis Cares,' will end on June 2. In light of this, Muñoz emphasized that he 'cannot guarantee' that Hyundai will 'maintain the current policy,' adding that it depends on a vehicle-to-vehicle basis and that this time of year is typically when vehicles get a bit more expensive. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. 'Typically, by this time of the year, we see the introduction of new model years with new features, and those moments trigger price increases,' he said. 'If we have to maintain competitiveness, we will. Product design, features, quality, and good advertising are the key characteristics of the business, and if you try to overdo it because of other factors not critical for the consumers, then you end up making mistakes.' When asked if prices could rise as much as 10-15%, per analysts' predictions, Muñoz said that MSRPs will not rise; however, he cannot guarantee that dealers will sell at those prices, adding that they will take any 'opportunity to maximize the revenue of cars not impacted by tariffs.' Hyundai CEO says building cars in America will help fight tariffs Although consumers have been concerned about pricing, the Hyundai CEO states that its long-term plan is not to apply 'tactical pricing or incentives' to combat the tariff impact but rather to invest more in localizing the production of its products. In March, the Hyundai Motor Group announced a massive $21 billion investment in U.S. manufacturing, including a $6 billion Hyundai Steel mill in Louisiana. 2025 Hyundai Kona Electric — Source: Hyundai This commitment adds to its sizable American footprint. It operates three vehicle factories in the United States: Hyundai Motor Manufacturing Alabama in Montgomery, Alabama, Kia Autoland Georgia in West Point, Georgia, and the Hyundai Motor Group's Metaplant outside Savannah, Georgia. Muñoz states that these plants benefit from vertical integration and a flexible supply chain that can adjust to varying production levels, which helped it weather the pandemic. 'In parallel, we are working through the supply chain. During the pandemic, we had the highest level of production, and we did it through high flexibility. We were able to change the production plans daily depending on the components that we got, particularly the chips that were in very short supply. So now we are reassessing the entire supply chain to optimize, limit, and minimize the cost so we can improve on our margins.' Final thoughts When I reported that Hyundai would follow other brands like Ford in committing to no MSRP adjustments until June, my biggest worry was 'Well, what about after June?' As I said before, these 'protections' are only a temporary band-aid on a bigger problem that can only last so long. Unfortunately, this situation leaves automakers in the middle between penny-pinching consumers and the powers inside the Beltway.
New York Post
21-05-2025
- Politics
- New York Post
Mexico City mayor's personal secretary and adviser shot dead by motorcycle-riding gunmen
MEXICO CITY, May 20 (Reuters) – Two top aides of Mexico City Mayor Clara Brugada were shot dead after being ambushed by gunmen on a motorbike in a daytime attack in the city center on Tuesday. The victims were the mayor's private secretary, Ximena Guzman, and an adviser to Brugada, Jose Munoz, according to a statement from the city. The assassinations have sent shockwaves through Mexico's capital, widely regarded as an oasis of relative security in a country plagued by violence. Political violence has become common in many parts of Mexico, where scores of local political candidates have been assassinated in killings usually linked to drug cartels seeking to exert influence. 6 Forensic investigation and expert services personnel, together with security personnel, work after an attack on the vehicle, in which Mexico City Mayor Clara Brugada's personal secretary, Ximena Guzman, and adviser Jose Munoz were traveling, in Mexico City, Mexico, on May 20, 2025. Xinhua/Shutterstock 6 Mexico City Mayor Clara Brugada speaks during a press conference in Mexico City, capital of Mexico, May 20, 2025. Xinhua/Shutterstock Initial reports indicated Guzman had been driving to work and stopped on a busy avenue in downtown Mexico City to pick up her colleague, an official at the federal prosecutor's office said. Munoz was approached by two gunmen on a motorbike who shot and killed him in the street. The attackers then fired at least four shots at Guzman inside the vehicle, killing her. Authorities have not yet given a motive for the attack although security experts say it appeared to be a hit carried out by organized crime. Mexico City's civil security office said that a motorbike had been seized not far from attack, as well as another vehicle in the Iztacalco neighborhood, while investigators were looking into ballistic and fingerprint evidence from the scene. 'I feel very sad for the loss of Ximena and Pepe (Jose), with whom for many years we shared dreams and struggles,' a noticeably distressed Brugada said. 6 The body of Jose Munoz is covered at the crime scene. AFP via Getty Images 6 Evidence is marked at the scene of the shooting in Mexico City. AFP via Getty Images She thanked Mexican President Claudia Sheinbaum and her cabinet for the support and cooperation they had provided since the attack. Sheinbaum is a former mayor of Mexico City. 'It is a deplorable incident and we are going to give all the support that the mayor may need,' Sheinbaum said. Brugada added that there would be no impunity for those responsible for the killing. She was not in the car when the attack took place, a Mexico City government official told Reuters. Photos in local media showed a black Audi with four bullet holes in the front window and a sheet covering what appeared to be one body, while another body was covered with a white sheet on the pavement. 6 Forensic investigators work at the crime scene of the killing of Jose Munoz and Ximena Guzman in Mexico City. AFP via Getty Images Police patrols taped off the area so forensic specialists could examine the scene. 'It was a harsh message sent to Clara (Brugada), undoubtedly perpetrated by drug traffickers,' said David Saucedo, a public security specialist. Groups affected by drug seizures have previously launched attacks against the capital's authorities, he said. 6 Police cordon off the area where Mexico City Mayor Clara Brugada's private secretary, Ximena Guzman, and adviser, Jose Munoz, were killed. AP In 2020 then Mexico City police chief Omar Garcia Harfuch, now the federal security minister, was shot and injured in an assassination attempt that killed two of his bodyguards. That attack was blamed by him on one of the country's most powerful drug groups, the Jalisco New Generation Cartel.
South China Morning Post
21-05-2025
- Politics
- South China Morning Post
Top aides to Mexico City mayor killed in brazen daytime ambush by motorbike gunmen
Two top aides of Mexico City Mayor Clara Brugada were shot dead after being ambushed by gunmen on a motorbike in a daytime attack in the city centre on Tuesday. The victims were the mayor's private secretary, Ximena Guzman, and an adviser to Brugada, Jose Munoz, according to a statement from the city. The assassinations have sent shock waves through Mexico's capital, widely regarded as an oasis of relative security in a country plagued by violence. Political violence has become common in many parts of Mexico, where scores of local political candidates have been assassinated in killings usually linked to drug cartels seeking to exert influence. Initial reports indicated Guzman had been driving to work and stopped on a busy avenue in downtown Mexico City to pick up her colleague, an official at the federal prosecutor's office said. Police at the scene. Photo: Reuters Munoz was approached by two gunmen on a motorbike who shot and killed him in the street. The attackers then fired at least four shots at Guzman inside the vehicle, killing her. Authorities have not yet given a motive for the attack although security experts say it appeared to be a hit carried out by organised crime.
Al Jazeera
21-05-2025
- Politics
- Al Jazeera
Mexico City mayor's personal secretary, adviser shot dead in morning ambush
Two top aides to the mayor of Mexico City have been shot dead in the latest attack against public officials in the Latin American country. Private secretary Ximena Guzman and adviser Jose Munoz were shot dead on Tuesday in an early morning ambush in the central neighbourhood of Moderna, city authorities said. Mexico City Mayor Clara Brugada condemned the killings and pledged to continue her administration's 'relentless fight against insecurity'. 'Investigating, clarifying and ensuring there is no impunity is our commitment,' Brugada said during a news conference. Mexico has one of the highest murder rates on the planet, largely due to violence driven by drug cartels, but the capital is known for its relative security compared with the rest of the country. Reporting from Mexico City, Al Jazeera's John Holman said there had been 50 political murders in the country in the first three months of the year alone, though political killings are relatively rare in the capital. 'The reasons for this one are still unknown. But there are powerful criminal groups in the capital fighting for territory and control of lucrative rackets,' Holman said. 'Politicians can get in the way, as elsewhere in the country.' Mexican President Claudia Sheinbaum, a Brugada ally who previously served as the capital's mayor, expressed condolences over the killings and said her government would ensure that 'justice is served'. 'We express our solidarity and support for the families of these two individuals who have worked in our movement for a long time,' Sheinbaum said. 'We know them, we stand with their families, and we will give her [Brugada] all the support the city needs from the Mexican government.' In 2020, Mexico City's security chief, Omar Garcia Harfuch, survived an ambush by gunmen that killed two of his bodyguards and a bystander.
