Strategic Expansion of the Ioniq V
Jose Munoz, president of Hyundai Motor, has revealed that the company is exploring a phased rollout of the China-customized electric vehicle (EV), the Ioniq V, to Australia and Southeast Asia. This initiative aligns with Hyundai’s broader strategy of “Made in, for, and to the world from China.” The goal is to introduce EVs tailored for the Chinese market to other regions, leveraging the strengths of local partnerships and innovation.
The announcement was made on the 24th at the ‘2026 Auto China’ event in Beijing, where the Ioniq V was unveiled as a symbol of Hyundai’s renewed commitment to the Chinese market. Key figures involved in the project included Munoz, Lee Sang-yeop, vice president of the Hyundai and Genesis Global Design Division, Heo Jae-ho, chief technology officer (CTO) for China, and Wu Zhoutao, president of Beijing Hyundai. These executives were instrumental in the development and presentation of the Ioniq V.
Localized Development and Innovation
The Ioniq V was developed in collaboration with local Chinese partners, featuring a localized platform and battery. As Hyundai’s first EV introduced to the Chinese market since its entry, it represents a core model for the company’s efforts to regain market share. Hyundai plans to launch 20 new models in the Chinese market over the next five years, aiming to boost annual sales to 500,000 units.
Heo Jae-ho, CTO, highlighted the integration of smart technologies preferred by young Chinese customers. By leveraging the large language model (LLM) Doubao from ByteDance, Hyundai implemented features such as voice recognition, smart recommendations, personalized services, and support for Baidu services. This approach reflects a deep understanding of local consumer preferences and technological trends.
Collaborations and Market Expansion
Munoz emphasized the importance of collaborations with local partners like CATL and Momenta. These partnerships are expected to help redefine Hyundai’s brand image and enhance its market power. He also mentioned that the success of the Ioniq V’s launch in China will determine future expansions to the Asia-Pacific region, including Australia and Southeast Asia, as well as potential markets in the Middle East and Latin America.
This long-term vision aims to transform the Ioniq V into a global sales model, moving beyond its initial focus on the Chinese market. The strategic approach underscores Hyundai’s commitment to adapting to local needs while maintaining a strong international presence.
Embracing Change and Growth
Munoz also discussed Hyundai’s shift towards an “eco-friendly car brand” image after 24 years in the Chinese market. Reflecting on past achievements, he noted that Hyundai sold 12 million units in China over two decades but acknowledged periods of complacency and overconfidence.
He stressed the importance of embracing challenges and using them as a springboard for growth, referencing the philosophy of the late founder Chung Ju-yung. This mindset will guide Hyundai as it renews its efforts in the Chinese market and expands globally.
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