Hyundai Motor Group boss Euisun Chung has given rare public praise to Tesla CEO Elon Musk, crediting him with forcing the global automotive industry to change course and accelerating the adoption of electric vehicles.
When asked who he most respected in the industry in an interview with Automotive News, the Hyundai Motor Group boss gave an answer many traditional executives would avoid.
“Someone had asked me, who you really respect in this industry? I answered, Elon Musk. Elon Musk, without him, our industry, even including me, [would] never change… maybe,” he said.
“So … the battery EV concept is developed [because] he really pushed, that [and] accelerated that. So I think he’s really, really remarkable for that, [for] doing that.”
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The comments acknowledge what has long been a point of tension in the industry. While legacy automakers often criticised Tesla’s approach — from direct-to-consumer sales to over-the-air software updates — many have since adopted similar strategies.
Ironically, Hyundai made electric vehicles (EVs) well before Tesla became a household name. The Korean company developed its first pure EV in 1991 with the Sonata Electric Vehicle.
For Hyundai, Mr Musk’s push on EVs has reshaped its trajectory. The group has rapidly expanded its Ioniq electric lineup and overtaken most competitors in global EV market share, alongside its affiliate Kia.
By acknowledging Elon Musk’s influence, Euisun Chung is effectively admitting that Tesla’s early risks forced Hyundai and others to accelerate their own EV programs.
Hyundai has also sought to differentiate itself through investments in hydrogen, autonomous driving research, and integrated mobility services.
While the global EV uptake has not met earlier estimates set out by many automakers, including Hyundai, the company remains one of the few brands that has the financial capacity to invest in competing technologies and believes in a future where battery-electric vehicles coexist alongside hydrogen and potentially other technologies.
His comments on Tesla and Elon Musk come at a time when Hyundai has committed to increasing its investment in US manufacturing from 2025 to 2028 to US$26 billion, including opening a new steel mill in Louisiana.