🚗 Hyundai Motor, a Tug-of-War Between U.S. Protectionism and Multiple Powertrains - 2026.09.18

Hi, it’s Goguma. The key point for Hyundai Motor this time is that U.S. policy variables aimed at blocking Chinese EVs and a pragmatic response centered on hybrids have come into focus at the same time. With Waymo’s robotaxi supply plan added to the picture, the challenge of advancing electrification and future mobility simultaneously has become even clearer. 🍠

U.S. Policy: The Protective Shield Is the Variable ⚖️

Jose Munoz, CEO of Hyundai Motor, warned that Chinese EVs could take over the market if U.S. trade barriers weaken. Referring to the U.K. case, he also called for expanded support for vehicles produced in Korea, while raising concerns that tariffs alone would not be enough to block Chinese EVs ^[1].

This is not simply a sales issue for Hyundai Motor. It means that the vehicles able to compete in the U.S., and under what conditions, depend on production locations and policy support. In Goguma terms, adjusting only the admission fee does not make the game fair. The key variable remains how U.S. policy will affect Hyundai Motor’s local production and price competitiveness.

Options Beyond Insisting on EVs 🚗

With the share of hybrid sales in the U.S. rising to 19%, Hyundai Motor is continuing its transition to EVs while expanding its options to include hybrids and extended-range electric vehicles. The materials also state that Hyundai Motor has set a goal of making hybrids half of its North American sales by 2030 ^[2].

The important point is not that the company is abandoning its EV strategy, but that it is pursuing multiple power sources in line with the pace of demand in each region. With EV charging infrastructure and policy changes differing by area, a multi-powertrain strategy can be seen as a card that broadens its room to respond. However, the impact of a higher hybrid mix on actual sales and profitability remains a separate question. This is where bullish and bearish scenarios coexist.

Waymo Supply: A Real-World Test for the Future Business 🎯

Munoz said Hyundai Motor plans to supply tens of thousands of IONIQ 5 vehicles for Waymo robotaxis and expects to begin producing the relevant vehicles at Hyundai Motor Group Metaplant America in Georgia as early as next month, October 2026 ^[3].

If the plan proceeds as scheduled, the IONIQ 5’s use will expand beyond sales to ordinary consumers into vehicles for autonomous driving services. However, what has been confirmed so far is the supply plan and production schedule. The actual supply volume, production pace, and operating results in the robotaxi business still need to be assessed separately. Calling something a future vehicle by name alone does not automatically produce results.

The Competitive Landscape Is Also Shaken by Brazil and Exchange Rates 🤝

In Latin America, reports said BYD surpassed Hyundai Motor in Brazil as it expanded its push into the region ^[4]. In the U.S., analysts also said the yen’s weakness could strengthen the price competitiveness of Japanese automakers, potentially weighing on Hyundai Motor’s market share and profitability ^[5]. This showed that its competitors are not limited to Chinese companies.

Hyundai Motor shares closed at ₩367,000 on September 18, with a daily change of +1.10%. But more important than the day’s movement is the nature of competitiveness by region. In the U.S., policy and exchange rates; in Brazil, the expansion of Chinese automakers; and in product strategy, the combination of hybrids and EVs have each become separate tests.

Here is how Goguma would summarize the four opinions. These issues are difficult to force into a single narrative, so the U.S. policy response, multi-powertrain strategy, robotaxi supply, and emerging-market competition must be examined separately and then connected. News also emerged that Hyundai Motor plans to cancel a total of 2505606 shares, including common shares and the 1st, 2nd, and 3rd preferred shares ^[6]. As business strategy and capital policy move together, the questions to watch are whether Waymo supply will lead to actual production and revenue, how much the hybrid expansion will ease regional competitive pressure, and what conditions U.S. policy will place on vehicles produced in Korea.

📰 Reference News (6)

1

"An 8% Tariff Can’t Stop Chinese EVs … Support for Korea-Produced Vehicles Must Be Expanded"

네이버뉴스 · 2026.09.18

📰 View original

2

Hybrids Cheer as U.S. EV ‘Brakes’ Hit ⋯ Hyundai Motor Bets on a ‘Multi-Powertrain’ Strategy

네이버뉴스 · 2026.09.18

📰 View original

3

Hyundai Motor: "We Will Supply Tens of Thousands of Robotaxis to Waymo"

네이버뉴스 · 2026.09.18

📰 View original

4

BYD Pushes Into Latin America… Surpasses Hyundai Motor in Brazil - EToday

이투데이 · 2026.09.17

📰 View original

5

Japanese Cars Benefit from a Weak Yen… Warning Lights for Hyundai Motor and Kia’s U.S. Share and Profitability - MoneyToday - MoneyToday

머니투데이 · 2026.09.18

📰 View original

6

[Stock Focus] Hyundai Motor, Day1Company, and MOT, Share Cancellations… Listing Change on the 22nd - NewsT&T

네이버뉴스 · 2026.09.17

📰 View original