ANC Podcast Replay: Apr. 3, 2026 | A fireside chat with Hyundai Canada CEO Steve Flamand

Hi everyone! Happy Easter and welcome to the April 3rd, 2026 episode of the Automotive

News Canada podcast. I'm your host, Greg Lason, the digital and mobile editor at Automotive

News Canada, coming to you from just outside Windsor, Ontario, the automotive capital

of Canada. Because it's a holiday today, we're replaying one of our most listened to interviews

of the year so far. We'll revisit a February fireside chat between Automotive News Canada

publisher Tim Domopoulos and Hyundai Canada CEO Steve Flamon. Because it's the long weekend,

we'll forego the short workweek's headlines and get right to the interview.

Joining me today is Steve Flamon, President and CEO of Hyundai Auto Canada. Welcome, Steve.

Well, thank you, Tim. You keep bringing roast beef like this and I'll keep coming.

There you go. I keep bringing encyclopedia questions for you too, so get ready.

Very good. Let's do it.

So Steve, 2025 was an exceptional year for Hyundai from a sales standpoint. It's part of a streak

of records for you. Tell us about the numbers and tell us if this is a sales streak or is there

something fundamentally going on with the brand? Yeah, so the way we run our business is we're not

in the business of buying market share. So we focus on having the best product portfolio.

We already have the best dealer network in the country and never stopping the relentless pursuit

of the best customer experience. And that's translated over the years in a growth strategy.

It's measured, but it's consistent. We don't retreat. So it was our fifth year in a row of

record market share. We finished the year at 8.1%, all-time record in sales. Same thing for Genesis.

And we're also seeing 26 continuing with that momentum. As a matter of fact, January was also an

all-time January record. So we're starting to beat our all-time record from the previous year,

so we're in a good place. But the industry is not getting easier, obviously. There's a lot of

headwinds and we're going to navigate that and be as agile as we can be so that we can deliver

the results. Like the stick-to-product. Which products are driving that success? Is there

anything in particular? Does it tell us anything about how consumer preferences are changing?

Yeah, it's important to remain true to who we are. We want to be an accessible brand,

have all the segments covered. And for the most part, we've done that from an entry-level vehicle,

like the Venue all the way to an Ioniq 9 at the top of the lineup. And of course,

with the Genesis brand on the luxury side of things. So we're maintaining the same formula.

We keep developing the breadth and depth of the portfolio to cover the market even more effectively.

So whether it's at the trim level or powertrain, like we saw this morning, the

Palisade winning the utility vehicle of the year award with the introduction of the hybrid.

They are very, very happy, very proud. And by the way, in January, we had

number one position in the segment for the first time of our history. So really happy consumers

are appreciating our products and it's working. So with that kind of sales success,

does that give Hyundai Auto Canada a bigger seat at the table for Hyundai globally when it comes to

product allocation or when it comes to just basically decision making?

Yeah, we are a big player. We're the fifth biggest Hyundai market in the world. And we think about

big markets like US and Brazil and Korea and India, etc. So it's a nice place to be.

Again, we always focus on representing the market needs the best we can at the corporate level.

We've gathered a lot of credibility over the years. We don't cry wolf when we don't need to.

So yes, it's resulted in having a good seat at the table. And for example, when we were struggling

with product availability, we were one of the first markets to be rewarded within the global

footprint. So that's resulted again in feeding this growth strategy.

And it solves probably a lot of late night calls to Korea too.

I know. I wish Korea was at the same time zone and they probably think the same, but yes, for sure.

There you go. Now, with increased volumes and increased sales comes increased scrutiny.

So there's been some public calls about Hyundai and Kia to build cars in this country,

given the sales success you've had. Is that a feasible ask given what's going on from

economic and political standpoint? Listen, Tim, as a Canadian, we don't like to see what's

happening with the pressure getting south of the border. Ontario relies on this industry.

It's key. It's important. It drives the economy. People that don't work don't buy cars. So we see

it from that perspective. So it's natural for the governments to put pressure on OEMs. And

by the way, it's not just Hyundai, but every OEM always look at their manufacturing footprint

every year. From where do we need to be? What capacity do we need? What is the strategic

implication of being in one place or another? So it's no different now. Obviously,

there's a lot of stuff in the press. We'll see where it goes. But I would say there's nothing

unusual in terms of us looking at our manufacturing footprint. But it's convenient in the news.

It makes big headlines. But really, nothing to say more about it than this.

For sure. Now, speaking about big headlines, last week we had Canada's new auto strategy that was

announced. Mandates are gone and the Zeven's symptoms are back. So how do you think that

changes Hyundai's outlook when it comes to your complete product portfolio from ICE,

hybrids and EVs? Again, we're not trying to be too funny. It made big headlines,

but no detail. So we have to see, obviously, moving from a Zev mandate to a very, very

stringent greenhouse gas mandate, which will require a ton of EVs together. But it has pushed the

timing horizon a little bit out. So obviously, we're analyzing what it means.

The auto industry can't just flip within six months. It takes years to develop strategies

and portfolio and so on and so forth. So from a Canadian perspective, we have access to a very

strong global toolbox, if you will. So we're going to be okay. But time will tell when we need

more details. And the same thing with the tariff relief on a potential Chinese entry in the market.

It's coming soon with no details in terms of who gets what and how it's going to be done. So

we're standing by and we're going to keep evolving our strategy to make sure we keep

winning in the market. So as an executive, how do you navigate that kind of obscurity coming

from the government? It must be frustrating without being able to get that kind of clear guidance.

Yeah, if we didn't have these up and down, the business would be boring. So first of all,

super strong team. We've got the best team of executives at headquarters working very, very,

very closely with our dealers. In fact, we had a dealer council meeting yesterday,

and we put it all on the table. We don't pretend we know it all. We learn

from each other. And the key is to pivot as quickly to be agile. And we did this with the

terrace. We're able to move some production from the US to Mexico and Korea. So we were able to

react and kind of be sheltered to some degree from what was happening. So the worst enemy of the

auto industry is uncertainty and not having clarity where policies are going and what may happen.

So I think not just Hyundai is in the seat, obviously all of us.

And yeah, we'll keep working closely, evolving the strategy and I'm sure it'll be okay.

Circling back to the Zeb incentives. So do you think we're at a point where or we'll get to a

point where it's not just about incentives. It's really about the product and consumer preferences

to move the needle on electrification. Do they matter still? What's your opinion on that?

Yeah, our view is electrification appetite in the market has not changed. Incentives help to

create some short-term demand versus where we're going. So we know one day it will pivot to all

EVs. It's a matter of time, it's a matter of when. Maybe the previous government's appetite for

electrification was not aligned with the natural market dynamics. So this is an indication of pushing

it a little bit to the out here that that might help. But on our side, we believe in it. We announced

the INX6N today, the latest EV entry to the portfolio. So we're going full speed with the

whole development of even more EVs. So no scoop, nothing to announce today, but we're working on

other entries. And in the meantime, we want to have a solution for every customer. So whether

it's an internal combustion engine, a hybrid plug-in hybrid and EV heck, we even have a fuel

cell vehicle in Canada. So we got a little bit of everything for everybody. So I want to talk a

little bit about brands. Hyundai brand has moved from kind of a value brand to almost an aspirational

brand. Now, how did that shift happen? Like to walk us through kind of the dynamics of that?

Yeah, it's a little bit what I mentioned earlier. So on the back of the strength of the product,

being able to reinvest profits into the strength of the product. So this whole cycle is very important.

Developing a dealership network that is world-class, all new facilities across the country,

having the right training, the right processes, the right methods, and all of this that leads to

the best possible customer experience ecosystem. And we're not done. Obviously, this game is never

over. So we keep pushing that envelope. And all of this helps support the strengthening of the

brand. And the stronger the brand gets, the purchasing or the price points can go with it.

So instead of selling on value, we're selling on what is generated with technology, with content,

with execution, and still getting a lot for the money. The word value is not a dirty word. We

provide very, very good value, but not on the back of discounting.

Value is also not a dirty word when it comes to the Genesis brand. It's all about luxury,

but it's all about luxury at an attainable price. So tell us about the process of scaling up that

brand, because it's made some progress in this country vis-à-vis other markets. So tell us about

that. Yeah. So when I talk about the customer ecosystem, Genesis is this on steroids. It's

all about our guests and making their life as easy as possible. We go to their house,

we deliver the vehicles there, we pick it up for service, we make them the center of the priorities.

Now, obviously, a very, very strong portfolio. A lot of energy was made to develop very,

very compelling vehicles. Entering key SUV segments has really fueled the growth,

but we're not done yet. We're going to keep expanding the portfolio and as much as it makes

sense. So there's going to be more news to come in the foreseeable future, but not on the back of

having any compromises whatsoever in terms of how we treat the customers. And finally,

a huge thanks to our dealers that have put unbelievable facilities. So now there's a

physical presence to this brand, which obviously helps fueling the growth even more.

Yeah. And that retail strategy has changed from the very beginning to what it is now

with your experience centers that have opened up. Tell us about the progress of that and

are there any plans to open up any more? Yeah. So by the end of this year, we'll have

all of our facilities as other under-constructions are done. We've got a pretty good coverage

across the country, maybe a handful more open points to come in the future at the right time,

because we want to make sure that the network is absolutely thriving in terms of volume,

but profitability as well. So we're going to do this in a measured way. And as we add

products to the portfolio, obviously we'll evolve that way as well.

So Genesis and Hyundai kind of operate on two different parts of the spectrum when it comes

to the offerings. However, when you look at some of the Hyundai offerings like the Palisade,

congratulations again, and the Ioniq 9, they really are kind of blurring the lines between

what a Hyundai is and what a Genesis could be. So how do you manage that operating of two brands

on the opposite side? Yeah. So the vehicles are different. They drive differently. They're

tuned differently. They have different levels of content, but they each stay true to the brand.

So as I mentioned earlier, we offer a lot of value with Hyundai. We offer a lot of safety.

We want to index very high for what those customers expect at those price points.

Similarly on Genesis, it's a little bit taken the same recipe, but going one notch higher

in terms of the quality of the material, the execution, the tuning, the technology that

goes in the vehicle. And quite often you see the technology rolling out, starting on a Genesis,

and then from a decontization perspective, finding their way to Hyundai. So that's also,

I think, a natural flow of content. So what is it now? A year and a half in the job, Steve,

more or less? Yes, something like that. So which leadership principles have mattered the most

for you in your role to maintain the momentum that you've built with such an amazing sales record?

Obviously, one of the key aspects of success is communication with our dealer partners. That's

very, very important to be open, to be accessible, to be open to being criticized as well, not

thinking that we know it all and to be able to adjust on the fly. But on the home front,

at headquarters, it's all about teamwork. It's all about creating an environment where

everybody can speak up. Every idea is a good idea. Listen to them. We all align and then we go and

execute. And again, even at work, when we sit around our table on Monday mornings and Tuesday

morning, everybody has a seat at the table. Every voice is just as important. And we all open

each other up for constructive input. But by the time we leave the room, we're all on the same page

and we can execute and execute fast. And we saw that last year when the EV incentives went away,

the whole team reacted. And within a day, we were already in market with the strategy to counteract

that. That speed is because of teamwork. So positive EBITDA sometimes hides a

lot of sins and also sometimes gets people complacent. So how do you keep your team and even

your dealer partners hungry given the momentum that you're enjoying now? How do you keep them

focused on the next phase of growth? Yeah, well, we all push each other. We're very,

very competitive people. Anybody in the auto industry, we're all competitive. We're born with

DNA and inside of us. Never stay complacent. If you stay complacent, you die basically in the

industry. You always get a push and prepare for the future. We heard earlier about the potential

Chinese brand arriving, so we can't be disrupted by them. So let's focus on what do we do next to

have such a customer experience that we're not going to be disrupted. Same thing when Hyundai

came to Canada 42 years ago. The brand disrupted a lot of OEMs, but some not at all. The Japanese

were ready. They had a good customer experience as part of their model. So we want to be the same.

So when new arrivals in terms of competition comes, we want to prepare ourselves so we're not

disrupted. So that keeps us up at night, but very motivated during the day.

Just a reminder to everybody, you can submit your questions on the QR code via Slido.com.

So Steve, I do want to shift the focus a little bit to talk about Hyundai's charitable giving. So

you guys are involved in a lot of very active charities that are giving back to the industry

and to the communities you serve. It should take a little bit of time to tell us about Hyundai Hope

on Wheels and the success of that from when it started, not that long ago, what it is now,

and your other charitable incentives with Hockey and NHL.

Right. Listen, we're an OEM. We're here to sell cars, make money, work with our dealers.

But at the end of the day, there's no better cause, absolutely none better than helping

children fight cancer. And that concept really united the team to come up with a program that's

involving all of our dealers. 225 dealers, all participating in it. Every vehicle that's sold

raises money. We've raised over four million dollars that went directly to pediatric cancer

research across the country. In a very short time. In a short period of time. And that wasn't

enough for the team. When we talked earlier about pushing each other to do more, our marketing team

came up with the program called The Greatest Saves. So that's an association with the NHL,

the Players Association. And basically the way it works is for every time a goalie makes a save,

we donate ten dollars to Hockey, to the Hope on Wheels program. So far in this season,

we've raised over half a million dollars. We're going to hope that, yeah.

We're going to hope that wall in Toronto makes a lot of save so we can push that number closer

to a million. So let's go for that. So for a Hyundai Hope on Wheels, Canada was the second

market, I believe, where that was put out. So tell us a little bit about the genesis of it,

and you see what I did there, the genesis of it in the United States and how it came up here.

I didn't know you had dad jokes in you. Yeah, so it started in the US by the dealers,

then picked up by Hyundai in the US as well. And then we got a challenge from our executive chair

to expand the program in the world. And we pride ourselves on speed of execution and quality of

execution. And the Canada team here sitting in this room decided we're going to be the fastest

to follow suit. So we launched first in the world, and what a great cause to fight for. So we're so

happy we did that. So how do you scale it up? I mean, with the results you're getting on the

charitable giving side, there's always the expectation for more, just like on the sales

side. So how do you scale it up and keep it authentic and keep it kind of tied into what

you're trying to try? Yeah, and it's not a flash in the pan. This is a program that's been ongoing

for many, many years. So we have a long view on it, keep working in where it makes the biggest

impact. So again, this year, we're going to expand and help into not only the research aspect of it,

but what we talked about earlier today is also transportation. It's a hurdle for a lot of people.

So it's not just about where you're getting it, but how you get to the care that these

children need. So we're going to keep expanding that way, keep listening to the input. We talked

about listening to our dealers. We also listened to the C-17 Council, which administers all the

periodic research center across the country. So we're going to keep evolving it in a way

that we can have the biggest impact possible. And the more cars we sell, the more money we raise.

So we have a few questions. So Steve, where do you believe Hyundai is still underestimated in

the Canadian market? Well, the people that get to know us, I think they are pleasantly surprised

by what they get in terms of value, in terms of the product, in terms of the experience,

and keep pushing that envelope and keep refining that customer experience will increase

the brand value over time. So it takes time. You don't build Rome in a day, right? So we've

been on a 41-42 year journey. We're going to keep pushing. We're going to be relentless. We've got

a long view on things, not trying to fix everything now and then pay the price later. And if we keep

on this trajectory, we're going to be just fine. All right. There's another question on China, and

it's on everybody's mind. So you spent some time in China yourself as an executive manager in GM,

I believe. Can you tell us a little bit about Hyundai's operations in China and what you think of

the market over there? Yeah. So when I was in China, I was with another OEM. So I'm not the expert

or the authority on Hyundai, but the partnership is with BAIC from Beijing.

My other company was with SAIC, so very similar name, but very different companies.

I think there's a big adjustment for all global OEMs in China in terms of the overall strategy.

The Chinese domestic manufacturers have become mighty. And I think there's probably a better

speaker on China that we've heard last year maybe at this event. But yeah, the China strategy is also

a long, long view on what they want to do in the world. And they've become very, very

significant in South America, even places like Australia, which have very similar regulations

as Europe in terms of vehicle regulations. And of course, they're starting in Europe quite a bit.

So they are patient. They will come one day. It's important to prepare ourselves when that

happens so that we're not disrupted by them. You can see the questions are coming fast and furious.

So here they go. Can you provide more details regarding your shift in production from the

US for the Canadian market and what that means to your adjusted import plan for 2026?

Well, 2026 were set. So whatever we did last year, we'll keep going with that.

We had a bit of a marriage of convenience because the US were sourcing Tucson from Mexico and the

tariffs were applied to them. So what we did is we just shifted our production of Tucson from

Alabama to Mexico and brought it to Canada. So I'm a little bit lucky on this one and also shifted

some production back to Korea. So for this year, I think we're set with that.

But again, we hope for more clarity on USMCA, hopefully a good resolution

because the more flexibility that we have, we'll be happy to revisit the other plans.

So another question from the audience is regarding the GM partnership. There's been a lot of

discussion around working with GM in collaborating. Do you see a collaboration like that potentially

coming to Canada or where are we at? The answer, honestly, is I don't know.

The discussions are happening at the global level for other markets for now.

Where it goes in time, obviously, if a marriage has gone really, really well,

there'll be other opportunities. But for now, I think they're focused on other markets and other

projects and we'll see where it goes. Back to you, Steve. So looking at your

year and a half in the role and looking ahead over the next 12-24 months,

what excites you the most other than keeping to that hot sales streak

and what keeps you up at night? Again, the trajectory for both brands is very exciting.

We've only started scratching the surface with Genesis. There's a lot more potential there.

We're getting ready. The facilities are going up. We keep honing in on what's been successful in

terms of the customer experience and the vehicle. So that's very exciting. We're seeing a lot more

growth potential with that brand. In terms of Hyundai has, again, taken a really, really good

formula that we've seen and keep tweaking at because you cannot just sit still in our industry.

You do that, people pass you and then you're catching up. So again, we're pushing the boundaries,

especially as it comes to digital strategy. How do we engage the customer? How can we have

a very tailored experience from the moment they get off their couch to buy a vehicle to

basically intercept them in the retail process all the way through the ownership experience?

So again, there's a lot of data. You may have heard AI as a thing now. So we're doing a lot

of work with that as well so that we can have pinpoint accuracy in terms of how we engage our

customers. You can always tell when you get an email from AI or a text from AI and there's too

many hyphens and dashes in it. It's my... The Sultan of Nigeria. Exactly. One more question

for the audience. Will the government's revised remission program allow Hyundai to resume imports

of models produced in the US like the Santa Cruz? Yes. So the question has to do with what's going

to happen with the reopening or the potential revision of USMCA. So we'll see if it's favorable

and makes sense. We'll look at bringing the Santa Cruz back. It's only built in the US. So that was

one of the... That was the only victim of what's happened with the fentanyl tariffs,

sort of speak. But yeah, we'll see what happens. So obviously, there is a natural market demand

for that vehicle and if it's favorable, we'll be happy to bring it back.

to the podcast hub in the middle of the homepage. And don't forget, you can follow Automotive News

Canada on X where we're at Auto News Canada. And you can find me there too under at G-Lacin A&C.

Finally, look for us on LinkedIn. Just search Automotive News Canada. That does it for this

episode of the Automotive News Canada podcast. We hope you'll join us next time. So long, everybody.

Bye.

ANC Podcast Replay: Apr. 3, 2026 | A fireside chat with Hyundai Canada CEO Steve Flamand

About this episode

Hyundai

market share

best product portfolio

headwinds

Genesis

powertrain

product allocation

OEMs

hybrids

ICE

EVs

value brand

aspirational brand

selling on value

Hyundai Palisade

tuned differently

dealer network

The Greatest Saves

NHL

Hope on Wheels

scale it up

flash in the pan

customer experience

Chinese domestic manufacturers have become mighty

shifted our production

GM

digital strategy

Hyundai Santa Cruz

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