Bad news brewing for Hyundai's ute
By Andrew Chesterton
July 3 2026 - 2:00pm
Hyundai has affirmed its commitment to launching its first dual-cab ute in Australia, but concedes it might be later to arrive than first expected, with the brand's local CEO saying he'd rather "get it right than fast".
From the outset, Hyundai has suggested it has several levers to pull in producing its first ute, with the brand saying it could lean on its US partnership with General Motors, borrow from sister brand Kia and its Tasman, or develop something itself.
All signs had pointed to the brand's newly developed EREV technology as the likely powertrain choice, with the brand targeting a potential driving range in excess of 1000kms without needing to plug in from its petrol-electric solution.
That remains "option number one", according to Hyundai Australia CEO Don Romano, but the executive says unfavourable exchange rates with the US Dollar has forced it to look closer to home for production.
"If it's built in the US we have an exchange rate issue we would have to deal with, there are also tariff issues depending on where we would also consider building. So we're going to keep our options open in this area because what we need is a...pickup truck, and it has to be unique," he says.
"A lot of the Chinese brands are already bringing in pickup trucks, and I don't think Australia needs another standardised pickup truck, so what will make ours unique? I think it may take longer than we had initially anticipated to get there but I'd rather get it right than fast."
Mr Romano says the brand is also considering where to build the ute for export, suggesting the brand is exploring facilities across the Asia-Pacific region to reduce the impact of currency exchange and transport. It is also plotting the impact of a new ute on Australia's tightening NVES, or New Vehicle Emissions Standard.
"We'll have to leave that hanging in limbo for now until we can better define, one; the impact to NVES, two; the drivetrain, three; the FX and alternative locations," he says.
"We have plants throughout Asia Pacific - we have plants in Indonesia, Thailand, Malaysia, Vietnam - and we want to utilise those plants as much as possible to minimise the impact of foreign exchange.
"So if there's an option there and it takes a little longer, so be it. As long as we get the right ute at the right price."
Despite the headwinds, Hyundai insists its first ute is still a go-project, suggesting it still could be in market by 2030.
"It's definitely going to happen. The timing is really the issue, because if it's built in the US... and if the FX is favourable, it would be sooner. But if it's not, we don't need another ute that's priced too high," Mr Romano says.
"I'd say we're still looking at between now and 2030. There's a timeframe, but even that isn't a guarantee and it would be subject to us saying 'that's the right ute for Australia', and I haven't got to that point yet that anything we're doing at this stage is a guaranteed right vehicle for Australia."
