"Euisun Chung, the Executive Chairman at the Hyundai Motor Group, has sounded the alarm on what a difficult year 2026 could become for the car-making game. Not just for Hyundaialthough the South Korean automaker is likely at the top of his list of concernsbut for the entire global auto industry. Things have shifted. Free trade across to one of the brand's largest markets has become less about being free and more about being how well a country can negotiate tariffs for its various industries."
"Automotive News reports: In his New Year remarks, Chung warned that global trade tensions and intensifying competition would curb industry profitability, while geopolitical conflicts may impact operations in some regions, potentially leading to a suspension of business. This will be the year when the crisis factors we have long worried about become reality, Chung said. The largest South Korean automaker has been hard hit by U.S. President Donald Trump's tariff regime, which has imposed a 15 percent levy on Korean-made cars."
The Hyundai Motor Group anticipates 2026 could be one of the auto industry's toughest years due to mounting global trade tensions, intensifying competition, and geopolitical conflicts that may disrupt operations. Free trade has shifted toward negotiated tariffs, creating billions in costs and eroding profitability. Hyundai built U.S. plants to mitigate import duties but continues to face tariff-related expenses. Geopolitical risks could force regional suspensions of business activity. Industry profitability is expected to be constrained while strategic and operational pressures rise. EV momentum appears deprioritized amid these headwinds, and manufacturers face large-volume bets from new entrants.
Read at insideevs.com
Unable to calculate read time
Collection
[
|
...
]