Hyundai CEO Cites Constraints in Replacing Mideast Sales
CEO Jose Munoz says production constraints prevent the firm from quickly redirecting vehicles to other regions. Logistics issues also impact recovery efforts.
Hyundai CEO Jose Munoz announced on Monday that the automaker will be unable to fully offset sales losses in the Middle East caused by ongoing regional conflict. Manufacturing constraints and specific regulatory requirements mean the company cannot quickly pivot inventory intended for that region to other global markets.
Speaking at the unveiling of the new Ioniq 3 electric vehicle during Milan Design Week in Italy, Munoz noted that the Middle East represents the highest-margin market for the South Korea-based manufacturer, even if it does not account for the bulk of its global profits.
