Hyundai CEO Jose Muñoz said he is not concerned about President-elect Trump's relationship with Tesla CEO Elon Musk.
Rather, Muñoz said in an interview with Bloomberg that he believes a closer relationship between the two countries could be beneficial, especially for the U.S. auto industry as it seeks to compete with China and the burgeoning electric vehicle (EV) market. He said he was there.
Asked how concerned he was about Musk having “so much influence in the White House,” Muñoz said: “Honestly, I don't think that's a concern.”
“If anything, I think it should be a positive for the industry to have someone so close to the U.S. industry and the EV world,” he added.
Mr. Musk, who also owns Company X, spent significant amounts of capital and influence to get Mr. Trump elected in November. Mr. Musk spent at least $250 million over the campaign, according to campaign filings.
Immediately after Trump won the election, he and his 2024 primary Republican rival Vivek Ramaswami were appointed to head the Department of Government Efficiency, a newly formed advisory committee focused on cutting government spending. Nominated Mr.
Despite Musk's clear influence on President Trump's second term, Muñoz said Musk remains competitive rather than suppressing it for his own benefit. He said he believes he wants to do so.
“I think it's in his own interest, and perhaps the country's, to encourage investment and growth and to make sure that we maintain our competitiveness vis-à-vis China and other competitors. ?'' Munoz said.
“So I think that's a positive thing,” he added.
