Musk-Trump relationship not a 'concern': Hyundai CEO

Hyundai CEO José Muñoz said he’s not concerned about the relationship between President-elect Trump and Tesla CEO Elon Musk, whose company is one of Hyundai’s biggest competitors.

Instead, Munoz said in an interview with Bloomberg that he thinks their close relationship could benefit the U.S. auto industry, especially as it seeks to take on China and its fast-growing electric vehicle (EV) market.

“I don't see that as a concern, honestly,” Muñoz said when asked how concerned he is that Musk will “have an outsized influence in the White House.”

“If anything, I think having someone who is very close to the U.S. industry and to the EV world, I think it should be positive for the industry,” he added.

Musk, who also owns X, spent a considerable amount of his capital and influence trying to get Trump elected in November. According to campaign filings, Musk spent at least $250 million throughout the campaign cycle.

Shortly after Trump won the election, Trump tapped Musk, along with his former 2024 GOP primary rival, Vivek Ramaswamy, to lead the newly formed "Department of Government Efficiency," an advisory board focused on cutting government spending. 

Despite the apparent influence that Musk holds heading into Trump’s second term in the White House, Munoz said he trusts Musk will want to maintain competitiveness, rather than stifle it for his own gain.

“I think it's in his own interest, and probably it's in the interest of the country, to trigger investments and growth, and also to ensure that we maintain competitiveness in our country, vis-à-vis Chinese and other competitors, right?” Muñoz said.

“So I think that’s — that is positive,” he added.