Ted Mengiste, the Chief Operating Officer of Genesis Motor North America, joins Forbes senior writer Jabari Young at the Nasdaq MarketSite. In this conversation, Mengiste talks about the tariffs affecting the automotive sector, Genesis' efforts to lead the luxury car market in North America, growing up in Africa, and what he seeks in corporate entrepreneurs.
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LifestyleTranscript
00:00Getting to your goal is perfection, and perfection is never achieved.
00:04It's always a pursuit. I love that saying.
00:06And in a minute, we'll introduce you to the guy who said it.
00:09Talking to automotive business with COO of Genesis North America, Ted Mingaste.
00:15I know I said his name right. I know I did.
00:17You're entering the Enterprise Zone at the NASDAQ.
00:24Hello, everyone. It's Jabari Young, senior writer at Forbes at the NASDAQ,
00:28and you're in the Enterprise Zone, and I am joined by Ted Mingaste.
00:32He is the COO of Genesis North America, spent over 30 years in automotive business,
00:38making stops at Nissan, Infiniti, all those luxury brands,
00:42and here you are now, growing Genesis luxury brand.
00:44I drive a Genesis, Ted, and so I am very excited to talk to you,
00:48you know, about the light that might come on and all that, man.
00:51You're hell out of town now.
00:52Oh, man, listen, I didn't tell anybody. I got one, though.
00:54I can't tell you what year, because I don't want nobody to be following me.
00:57Hey, just Jabari. I don't like what he said. Get to my car.
00:59But I love the car, man. I love Genesis.
01:01I never thought I would like that when I was trading in a Lexus,
01:04but here it is. I have a Genesis.
01:06So this has been a phenomenal opportunity to even talk to you, man.
01:10Well, thank you.
01:10Yeah, no problem, man.
01:11Well, this is your first time at the NASDAQ?
01:12This is my first time, and I'm impressed with what you have here.
01:16I cannot believe this is your first time, man.
01:18You've been at Ford and Nissan. Is this your first time here?
01:20This first time here, you know, I've been waiting for you, Jabari, to call me up.
01:23Man, listen.
01:24You know, waited until you bought the car, and then I was waiting.
01:27I was waiting for you to get a COO of Genesis, and here we are.
01:30Right? Perfect timing.
01:30Very good.
01:31So here we are, man, at the NASDAQ Tech.
01:33Give me a stock, man.
01:34What's been working well for you and maybe something that you may buy or invest in it?
01:39Oh, jeez.
01:41I don't know.
01:42You know, I do like to invest in the stock market.
01:46I'm more of a technology guy.
01:48I like to see, not to see, but where the future is going, right?
01:54I think, you know, if you look back in history, the Industrial Revolution was a period in time
02:00of great growth, and I think the technology revolution is happening now.
02:08So for me, that's the sector I look at the most.
02:10Yeah, most definitely.
02:11And listen, you're a huge sports fan, right?
02:13Yes.
02:13So I have to get who you're cheering for now.
02:15What's your favorite sport?
02:16Well, I know you live in L.A., right?
02:18So you're the Lakers because they got Luka.
02:21We do.
02:22And they've put on a few good games here.
02:26You know, Luka, I was really proud to see him go back to Dallas and do what he did.
02:30Most of no moment.
02:31So I am a Lakers fan.
02:33I root for the home team, so that's what I love.
02:36I love college sports as well.
02:37Indiana basketball, my undergrad, Michigan football, my grad school.
02:42So those are my teams.
02:44Yeah, I love it, man.
02:45I love it.
02:45Listen, as we talk, we're in April, right?
02:47Financial literacy month.
02:49Give me the biggest piece of money management advice, right?
02:53The best piece of money management advice that you've ever received.
02:55You know, the best advice I ever received was to invest in solid companies and never try to time it.
03:06Play the long game, and typically things work out.
03:10So there's always bumps in the road.
03:12But if you pick a good company that you believe in and you believe in their product,
03:16there will always be bumps in the road.
03:19But the long game is what to play.
03:21Yeah, I love that.
03:22So a fifth grader comes up to you and he says, what is it that you do, Mr. Ted?
03:26What do you tell them?
03:27How do you respond?
03:28I sell cars.
03:29You sell cars.
03:30Is that easy?
03:31That's what I do.
03:32I have an 11-year-old and a 9-year-old, and that's what I tell them, too,
03:37because it gets a little complicated.
03:39But in the end, what I do is very simple.
03:42I sell cars, and I make every effort to ensure the buying process and the ownership experience is world-class and second to none.
03:54That's the goal we have every day we come to work.
03:58Yeah, I love that.
03:59Well, Sun Nim, right?
04:00Sun Nim, honored guest.
04:01Honored guest, right?
04:02Honored guest.
04:02You're my guest here.
04:03So, Sun Nim, welcome, man.
04:05I appreciate it.
04:05I feel it.
04:06Yeah, man, listen, as we jump into, obviously, some news, man, because I definitely want to get into the history of Genesis
04:12and how it's making its impact in North America.
04:15But, you know, listen, you're in the automotive business.
04:18I'm sure your head is spending all the time with tariffs impacting your sector.
04:22I can't even say the numbers.
04:24It might change, Ted, by the time this interview comes out.
04:26But as I'm looking at it right now, right, you have a 25% tariff on imported cars, 25% steel and aluminum, right?
04:33That makes up half the weight of cars.
04:36And you have some analysts predicting that tariffs, even if a 10% tariff across the board, be about $6,000 to $10,000 per car, right,
04:45added to a new car, $6,000 average, Morgan Stanley says.
04:49But as a COO of a luxury brand and a car, how are you dealing with the talk of tariffs?
04:54How is the company dealing with it?
04:56Is your head spinning?
04:57And then how much Tylenol are you having to take every single day?
04:59Well, I'll tell you, it really goes back to what I just said earlier.
05:02We play the long game.
05:04We've invested in the United States a considerable amount of money.
05:08I was just in Savannah, Georgia about 10 days ago or so, and we just opened our brand-new manufacturing facility there.
05:17And we've invested over $12.6 billion in Savannah.
05:20We have a plant in Montgomery, Alabama that builds our number-one selling model, which is a GV70 SUV in the United States, built in the United States.
05:31So, again, we do what we do best.
05:34We build cars.
05:35We service our customers, give them the best experience possible, and we play the long game.
05:41So what we've done to that end is we've come out with a communication to everyone that says we won't raise prices until June 2nd.
05:52And, you know, we'll remain flexible, and we'll go from there.
05:56Yeah.
05:56As a consumer, right, what incentive do I have to buy a car right now?
06:00I mean, listen, I told you I drive a Genesis.
06:01I'm always looking at upgrading, but what's my incentive now?
06:04I've got interest rates high, and now I have to possibly pay more, right?
06:08How do you still convince consumers in this particular time to still buy?
06:12I think product still wins, and our product, I think, is the best on the market.
06:17We have a refreshed or a facelift GV70 SUV coming out just at the dealer lots and is selling very well.
06:26So in the end, consumers will always gravitate to what makes the most sense for them, and it can't just be what's the cheapest.
06:38It's got to be what meets their needs the most and what's the most attractive vehicle, and that's where Genesis comes in.
06:45We've been on tremendous growth trajectory since we've introduced the brand, and I don't see that slowing down.
06:53And we just had a record month in March.
06:57We had our best quarter in our history with over 17,500 vehicles sold in Q1 of 2025.
07:05So consumers are discovering us and voting for us in their purchases.
07:10Yeah, I tell you all, I love the car.
07:12I do.
07:12I mean, it gives you that luxury feel.
07:15I'm learning you will pay a luxury price.
07:17Genesis has come up now.
07:18So, but sticking with the tariffs for a second, though, can automotive companies, is there a benefit?
07:25Can they, like, take advantage of a tariff at all?
07:28Like, is there a positive opportunity there?
07:31I mean, I know you want to get more money, but you've got to pay more on tariffs as well.
07:34I don't know where we go with that.
07:35I think the focus just has to be getting the best value proposition you can for your customer.
07:41And when that happens, you go out into the marketplace and you compete.
07:47And so far, we've been winning, not just in volume, gains every month, year over year, but with market share as well.
07:55So that's what we look at every day to see if we're doing the right thing.
08:01And so far, it's been good.
08:02With the company as a whole, you talk Genesis.
08:05I mean, again, a record month in March, no layoffs planned at all.
08:09Oh, no.
08:09Right. Hiring? Are you guys hiring?
08:11Yeah, there's a few roles that we still have open that we're hiring, as an example, on my team.
08:17So, again, we're playing the long game. We're a growing company.
08:20We have confidence in what we're doing. We're investing in the United States.
08:25So with all of that, we just see positivity going forward.
08:29Is there anything that Ted hears that isn't being talked about when the word tariffs and automotive, you know, when they are in the same sentence?
08:37Is there something that isn't being talked about?
08:39Maybe is the theatrics happen that we are just focused on one thing, but you see something.
08:43You've been in this business, Ted, for over 30 years, right?
08:45Is this something that's not being talked about?
08:49Not that I know of.
08:50I mean, Jabari, if you focus a lot on kind of the bumps in the road or tariff conversation, et cetera,
08:59you can get distracted of doing what you need to do on a daily basis.
09:03And what we do on a daily basis is come in.
09:07We find ways to provide the best experience for our customers and to make our vehicles the most competitive in the marketplace.
09:16From a design standpoint, product, durability, quality, and service.
09:24And typically, if you do that, in the long run, you win.
09:28And that's what we do.
09:29Yeah, absolutely.
09:30Listen, well, congratulations, first of all.
09:31You've been named COO of Genesis North America in January this year.
09:35So congratulations on that, man.
09:36What's it like being COO of an up-and-coming luxury brand?
09:41It's busy.
09:42Yeah, sure.
09:45It's busy, but, you know, I got into this business straight out of college.
09:51I didn't think I'd be in it very long.
09:53I thought, you know, I could learn something from the corporate world and go out and become an entrepreneur.
10:00And, you know, you look back almost 30 years later, and I'm still here.
10:05But it's a fascinating business.
10:06You can do so many different things in automotive and never leave automotive.
10:11You know, you can go into franchising, sales, marketing, you know, product development, and all these kinds of things.
10:17And it's exciting.
10:18And in the COO role, you get to do all of it.
10:21Yeah.
10:22Right?
10:22And you get to see your scope and the spectrum of the business that you get to touch and experience every day, for me, is energizing.
10:31I love it.
10:32Yeah, and I tell you, man, again, it's personal for me.
10:34I worked at a car dealership.
10:35I worked at a Salon Toyota.
10:37I was a lot attendant.
10:38I worked in the service.
10:39I was changing oil.
10:40Right on.
10:40I was doing tires.
10:40There was sales and drumming people around, man.
10:42So, you know.
10:43Of course.
10:44Jabari, come back, man.
10:45Let's go.
10:45Listen, man, I like it here at the NASDAQ, though.
10:47You know, you said I don't want to change the oil tires.
10:49I had enough fun.
10:50But it teaches you work ethic.
10:52It does.
10:52When you are in those.
10:53And I got a chance to learn about cars a lot from some great mechanics.
10:57Yeah.
10:57You know, a Salon Toyota.
10:58That's where I learned it from.
10:59But sticking to your role, man, it's been the biggest positive surprise of being COO.
11:06You know, it's the people.
11:08I am truly blessed to have just such a great team.
11:15And in my new role, I get to have a working experience with the teams that I didn't have a supervisory role with before because I came out of sales.
11:28And the talent pool is amazing.
11:31The eagerness to learn and deliver is outstanding.
11:35And the camaraderie and the one-team spirit is more than I expected.
11:42And it energizes me every day.
11:45Yeah.
11:45How about the biggest negative surprise?
11:47There's always positives and negatives.
11:48What's been the biggest negative surprise?
11:50Like, hey, you didn't tell me it was going to be like this.
11:52Well, I don't know if it's negative.
11:56And I mean this honestly.
11:57I really love what I do.
11:59There's a lot of it.
12:00And, you know, I was just saying earlier, I have an 11-year-old and a 9-year-old.
12:05And there's times that you have to build in time for your family as well, right?
12:10Because it can't, your work can't consume 24 hours out of the day.
12:18So it's one of those things I enjoy what I'm doing, but I have to find ways to balance my time with my family.
12:24And I think that's a balancing act that takes a while to figure out.
12:32Well, what's your day-to-day like?
12:33I mean, you get up in the morning, right?
12:35You read Forbes.com, right?
12:36And after Forbes.com, then what?
12:38Like, what's going on?
12:39You're drinking coffee?
12:40You're going over, right?
12:41And then you go outside and say, what's Genesis I'm going to drive today?
12:44What's your day-to-day?
12:45So I have a team in the West, on the East Coast.
12:48I'm an early riser.
12:49I get up usually about 4.30, 5 o'clock at the latest.
12:53In the morning?
12:53In the morning.
12:53Oh, so I can text you then.
12:54I'm up.
12:55Absolutely.
12:55I'm up.
12:56My team in the East Coast knows.
12:58I usually exercise.
12:59I have a little gym at the house.
13:01I watch the financial news every morning.
13:05And then I'm usually in the office on a busy day, 6.30 to 7.
13:10On a regular day, 7 at the latest, 7.30.
13:14We don't really have meetings starting until 8 o'clock, but I like to ramp up rather than
13:19just come in and go straight to a meeting.
13:20So I catch up on anything happening from headquarters in Korea.
13:26That way, when you start your day and everyone else is coming in at 100%, you're kind of geared
13:33up, and I know where I'm going for that day.
13:36Yeah.
13:37So you're a believer in going into the office, right?
13:39Absolutely.
13:39For me?
13:40Do you guys work from home at all?
13:42So the leadership team comes in every day, but we have a flex schedule for middle management.
13:49Do you see that changing at all, more people coming back in?
13:52We'll see.
13:53I think it's optional right now on a number of days that senior group managers and senior
13:58managers come in, and what I find is they're actually coming in more days than they're allotted.
14:05There's something to be said about being in close proximity with people you work with.
14:10You work faster, and typically the output is better because you have collaboration and
14:21conversations that are difficult to do sometimes, impromptu, over a video conference.
14:28So you just see employees just naturally coming in.
14:32Yeah.
14:32I tell you, man, I start to come in more.
14:34It's like work, it's messing with my work-home balance, right?
14:38But even though I'm a journalist, I've always worked from home, but everybody else is home
14:41too.
14:41I'm like, I got to get out of here.
14:44Exactly.
14:45Your story, man, Ted, is interesting, right?
14:47You were born in Africa, right?
14:48Born in Ethiopia, grew up in Kenya, went to St. Mary's School in Nairobi.
14:53The Saints.
14:53Yeah, man.
14:54I mean, what was that like growing up in Africa, and when did you move to the U.S.?
14:57So I didn't know any different because that's where I'm from.
15:00Yeah.
15:01You know, my dad worked for Ethiopian Airlines and was based in Nairobi, Kenya, so I went
15:07to school there, and I left Kenya in 1987.
15:13So I moved here in 87, went to school here, got a job.
15:17Was it a culture shock moving?
15:19Maybe a little bit, but I mean, to be expected, right?
15:24I'd never grown up anywhere other than where I was from, but I'll tell you, moving here,
15:31some of my best friends in high school are still my best friends today, and it's a lesson
15:40to say that no matter where you go, right, don't be intimidated or fearful about different
15:46places or cultures.
15:48If you go and experience it, you're going to find good people everywhere, and the world
15:53is a good place.
15:54Yeah, it is.
15:54It is.
15:55That's what I was saying.
15:55Great.
15:55Africa.
15:56That's a place.
15:57I always ask the question I'll ask you at the end of it, where would you put your money
15:59anywhere in the world, and a lot of people come up here over the last few weeks have pointed
16:03to Africa, South Africa, whether it be Nigeria, now maybe Kenya, so, you know, that's very
16:09interesting.
16:09But as a child roaming around, did you know that you were going to get in the cars?
16:13Like, what did you want to be?
16:14A basketball player?
16:17No.
16:17I knew that wasn't in the cars for me.
16:19I was a soccer player growing up back in school.
16:24What did I want to be?
16:25I wanted to be a pilot, because that's what I knew.
16:27That's what my dad's business was.
16:30He wasn't a pilot, but I always grew up in airports.
16:33And, you know, back in the day, you know, when we would fly anywhere, my dad knew all
16:38the pilots, I'd fly in the cockpit, right, and, you know, take off and landing, and, you
16:43know, that's what I wanted to do.
16:47So, typically, you want to be in a career that you're familiar with.
16:51And then after I moved to the United States, one of my first interviews on campus was
16:58with, you know, an automotive OEM, and, you know, I said, let me do it for a little bit,
17:04and, you know, I got a new car, which was amazing.
17:08Then you have to keep a job, because you've got to pay a bill.
17:10You've got a car loan.
17:11And then I got hooked, right?
17:13So, it's been great.
17:14Yeah, cars do that to you, man.
17:15They do.
17:15It gets you very, very hooked, I'm telling you.
17:17I'm glad I'm in the car business, because there's nothing else I'd want to do.
17:20Yeah, I mean, listen, 16 million cars are sold in America every year, almost.
17:23So, like, you know, it's not going anywhere, right?
17:26We know that.
17:27But then, you know, you leave, you know, again, Africa and come to the U.S., and you
17:30mentioned going to Indiana and then Michigan, but you also completed the executive program
17:35at UPenn, right?
17:36So, you were in Philly from time to time.
17:37Did you get a cheesesteak when you were down there at all?
17:40Like, where did you go?
17:41I did.
17:41And, you know, I'm not a cheesesteak, you know, expert, but is it Gino's?
17:50Gino's and Patsy, everybody goes there.
17:52You've got to get your gems, man.
17:54I'm from Philly.
17:55That's my home take.
17:56I've got to get you there.
17:57I blame you, Jabari.
17:59I blame you for not letting me experience that.
18:01Yeah, I've got to get you there.
18:02But I bring up that because, you know, from time to time, I'm scrolling on Instagram,
18:06and I'll see that UPenn always has those executive programs.
18:09I thought about doing one in private equity.
18:11But would you recommend that to someone on a career climb?
18:14A hundred percent.
18:15You know, I would say my MBA program, I never studied harder in my life than I did going
18:21through Michigan.
18:23But it was different because it was about business, which I enjoyed, and it was something I wanted
18:29to do, not anything I had to do.
18:32And the professors were phenomenal, and it was an amazing experience.
18:37And it was the exact same thing at Wharton.
18:40The Wharton professors that came in to teach us, I think it was just as valuable to them
18:47to hear from executives in business as it was for us to hear from them as professors
18:54and teachers.
18:55So there was this great exchange of experience and, you know, maybe a professor throwing out
19:01their theory on a certain situation, and, you know, a student may rebut with, well, no,
19:06this is what's really happening on the front line.
19:08And that conversation is so rich that you learn from it just the same as you would a textbook
19:16or an exam.
19:17So it's a two-way street.
19:18It's a two-way street, for sure.
19:19Yeah, I like that.
19:20I didn't know about that.
19:21I thought I was, hey, man, this is going to be more work, more papers.
19:24I haven't written a paper since I don't know how long.
19:26But I love that.
19:27Now you got me very interested in that for the Devils Oaks program.
19:29When you're hiring executives, what do you look for?
19:32What does Ted look for in an exec?
19:33You know, you look for, depending on the role, you look for the experience that will contribute
19:39to that role.
19:40So by the time you get to an interview, the experience is already there on the resume.
19:46So you look for personality and cultural fit.
19:51And you want someone that's a team player, that wants to develop people, and believes
19:58in winning as a team versus winning as an individual.
20:03And I think if you can find that in someone that has got a sense of a long-term vision,
20:10you know, what is your vision for five years out?
20:12What is your vision for yourself ten years out?
20:15It really tells you a lot about someone, whether they're in it to grow themselves or they're
20:21in it to have achievements for the company, right, in totality, as a team in totality.
20:27And if you can get a team player that's smart and has a great experience, there's nothing
20:33stopping you.
20:34That's when one plus one equals three.
20:35Absolutely.
20:36Yeah.
20:36And then we can take the three and apply it to a cheese steak.
20:39There we go.
20:40Flashback, man.
20:40People may not understand the Genesis history, right?
20:43And you let me know if I'm wrong at any point here.
20:45But it's part of the Hyundai family.
20:47Hyundai is a South Korean car.
20:48People still think that Genesis is a Japanese car.
20:50No, it's a South Korean car.
20:52And it entered.
20:53Hyundai did the U.S. market 1986 around that time, I believe.
20:57And now, thanks to the globalization of automobiles, like, you know, these different brands have
21:02been made.
21:02And now Hyundai has Genesis, a standalone brand now, right?
21:06Again, you mentioned the G70, G80 series, SUVs.
21:10As I flash back to 2021, you sold more than 49,000 annually for the first time ever, correct?
21:16Great.
21:17And now in 2024, is that up at all?
21:2049 annually, is that up at all?
21:222025?
21:23In 2025, we sold 75,000.
21:25Wow.
21:25So we're proud of that.
21:27So far, this year?
21:2775,003.
21:29I'm sorry, in 2024.
21:302024.
21:31In 2025, we've sold just over 17,500.
21:35So we're on pace to break prior year as well.
21:40So we're off to a great start.
21:42The brand is about 10 years old.
21:45Yeah.
21:46It came to the United States a year after it was...
21:49The Genesis brand, right?
21:50The Genesis brand is 10 years old.
21:52It came to the United States nine years ago.
21:55So it started out in Korea.
21:57Before that, there was a Genesis model for Hyundai.
21:59But the brand is 10 years old.
22:02And it's been a phenomenal experience.
22:05The Genesis brand does not share platforms, vehicle platforms, with Hyundai.
22:12We have our own independent platforms.
22:14So in essence, it is purpose-built luxury vehicle and not another platform being upgraded.
22:26And so if you buy, like I use Toyota, for example, but a lot of times if I bought a Camry,
22:31I'll upload a Camry and I go and get a Lexus, I feel like I'm driving the same car, different emblem.
22:35You're saying that doesn't exist with the Hyundai because you don't share those.
22:38We don't.
22:38We have our own independent platforms.
22:41And we really commit the investment to the Genesis brand to make it a true tier one luxury brand.
22:49Yeah.
22:50Yeah.
22:50I love that.
22:51So standalone dealers because you're a standalone brand.
22:53I know the first one was in Lafayette, Louisiana.
22:56You got one in Cherry Hill near me.
22:58I haven't been here yet.
22:58You have to.
22:59I'll just go back to the Honda dealership.
23:00Well, I thought the Honda people was fixing it.
23:02But now I got to go to Genesis now, right?
23:03You do.
23:04And on a podcast, you had mentioned that there were 70.
23:07Well, 70 was the goal last year.
23:09How many standalones are you at now in 2025?
23:11So we're at 68 so far this year, Jabari.
23:17There's still a lot completing every month.
23:21So that will continue to grow throughout the year.
23:24You're correct.
23:25Art LeBlanc in Lafayette, Louisiana was the first one.
23:29Cherry Hill is a store close to you.
23:31White Plains, Genesis of White Plains is another one right here.
23:35We were just there this morning to visit that facility.
23:39But the independent facilities, you really have to go to it because much like our vehicle's designs are cutting edge and like nothing you've seen,
23:47a GV70 to a GV80, it's not just a bigger version of the GV70.
23:53They're all uniquely designed and the interiors are absolutely stunning.
23:57And that's what's driven a lot of curiosity to our vehicles.
24:01But our dealerships, our retailer facilities are exactly the same.
24:05And when you walk in, they don't feel like a dealership.
24:08They feel very luxurious and they have a lot of Korean DNA in them to reflect the origin of our brand.
24:21And the comments coming back are, this doesn't feel like a dealership.
24:25It feels like a modern country club.
24:29And, you know, I encourage everyone to go just visit the store.
24:33And I think you'll find a different...
24:34And to improve the storytelling around it, you all also have the Genesis House in New York, right?
24:39Absolutely, yeah.
24:39And that's like a restaurant and all this Genesis.
24:42I've never been before.
24:43I wasn't invited.
24:44I didn't know why I invited me, Ted.
24:45Maybe if you get me the Philly cheesesteak, you know, we'll make it happen.
24:47Listen, after this, we'll do that deal, okay?
24:49I'll take the Genesis House with cheesesteak any day.
24:51I mean, does that help at all with clientele?
24:55And if a person may be not on a Genesis, they go to a Genesis House and they don't have it, does that help?
24:58The Genesis House is our most authentic reflection of the brand in the United States.
25:07In the seller level, we hold events down there where we have a big electronic board.
25:14And you can hold different types of, you know, fashion shows or whatever it may be, vehicle unveilings.
25:19In the middle floor, we have our showroom, which has, you know, all of our models, concept vehicles.
25:26Sometimes after the New York Auto Show, we'll leave there for consumers to take a look at.
25:30And on the top, on the third floor, as you say, we have a Korean restaurant, a tea pavilion, and a library where you can just go relax.
25:38Wow.
25:39Right?
25:39So, Jabari, honestly, I would love to take you out to Genesis House for a meal after the cheesecake.
25:46Oh, no, I thought you were going to send the invite.
25:48I was just going to have it on camera.
25:49He invited me.
25:51But I would.
25:51Yeah.
25:52Can you all have live events there, too?
25:54Like, for sure.
25:54Because we have fours.
25:55We have a lot of live events.
25:56We do it at the Genesis House.
25:57Let's go.
25:58Listen, I love it.
25:59Let's go.
25:59Take me on the side, inside, right, fast, man.
26:01And on the 21 billion investment in the United States, right?
26:04From 2025 to 2028, you guys say you're going to invest 21 billion.
26:08This investment is going to be focused on manufacturing, advancing future technologies,
26:12and enhancing the energy infrastructure, and you say that it will create more than 100,000
26:19jobs.
26:20Am I missing anything?
26:21What is, if a person right now, I don't know, because they got laid off from a federal government
26:24job and they think they want to make the switch because they hear you did this interview,
26:27what is Genesis offering in this 21 billion investment?
26:30If I'm a person who may be looking for employment, where am I going to find career opportunities?
26:34Yeah, the investment is being done by the Hyundai Motor Group, and it's quite evident, like the
26:39investment that we did in Savannah.
26:41Part of the 21 billion includes an expansion during the grand opening ceremony in Savannah.
26:47We announced the expansion of that plant from a capacity of 300,000 units a year to 500,000
26:52units a year.
26:53We also announced a steel mill project in the state of Louisiana, as well as all of the other
27:02items that you mentioned, including logistics and increased capacity and all of that to
27:09come with it.
27:09So all of that to say is we are investing in the United States.
27:13We believe in the United States.
27:15It's our largest market for Genesis outside of Korea is in the United States.
27:20And, you know, we're playing the long game, and we know that investing here is a good return
27:25on our money.
27:26And I think also good for our consumers because they get great products from us.
27:31I'm telling you, does it feel like, you know, listen, at one point Mercedes was entering
27:36the market and then all the other luxury, you know, cars entered.
27:38Does it feel like this is a moment where Genesis can take on some of that, you know, market share?
27:43Because, again, Mercedes had paused, you know, their shipments as well as Land Rover.
27:48European car makers are probably going to be going through some geopolitical issues as we
27:52get the tariff stuff down.
27:53Is this an opportunity for you guys to come into the North American market and be that luxury
27:57brand?
27:58Because I tell you, Ted, since I started driving the Genesis, I've really not looked
28:01at a Mercedes.
28:03I haven't looked at a Lexus.
28:04I ain't going to lie.
28:05I did look at a couple of Range Rovers, man.
28:06They're nice cars, Ted.
28:08But now I'm going to do the G, the G, the GA70, the 580.
28:11But is it an opportunity for you guys now?
28:13Well, it has been.
28:16Our growth trajectory for the last five years has been amazing.
28:19Our market share has been growing at a tremendous rate for the last five years.
28:22At this moment, we're not stopping shipments, right?
28:26We are playing the long game and we continue to ship cars to the United States.
28:31We're not increasing prices as we announced to our customers and retailers until, you know,
28:38at least through June 2nd.
28:40And that could change.
28:41Well, we'll see what happens.
28:43At least in the meantime, what we've said is we're going to hold the course.
28:47We're not disrupting or changing our business model and we'll keep going.
28:52And so far in the month of April, we've been doing great, even better than the month of March
28:57and better than prior years.
29:00So it's all good news.
29:01We're on a good momentum.
29:03Yeah.
29:03If you are, are you guys bringing in techs?
29:05Are you bringing in more execs?
29:06Like, again, back to that 21 billion investment as far as areas of where those jobs are going to be?
29:10Where are they coming from?
29:11I think it'll be across the board, Jabari.
29:12As we invest, you'll see opportunities across the board.
29:18Yeah.
29:18Yeah.
29:19Speaking of EVs, are you guys, you know, still expected to go full electric by 2030?
29:23Is that still in the cars?
29:24I know EVs going through a little bit of a change right now because of the chips act and what have you.
29:28I think the most important thing is to meet our customers on their journey to electrification.
29:33We believe that the journey to electrification will happen.
29:36Yeah.
29:36The pace is to be determined, so we won't force the customer to go to EVs, but we'll meet them on their journey to EVs.
29:44So the timeline, TBD, but we're going to provide the products that the customers want, the consumers want in the United States,
29:54and provide the best models that we can.
29:58Yeah.
29:58I had a question from our producer, and if you don't like it, he's right over there.
30:03You can go smack him after that.
30:05But it's when you think about what success looks like for Genesis, and not just in terms of sales, right,
30:12but in terms of identity, in terms of trajectory, how does the company want to be understood,
30:17and how do you keep your vision clear, especially when you have a company like Tesla who always is in the news
30:22because of who their owner is and creates so much of the conversation.
30:26They have so much of the public narrative.
30:27How do you keep your vision clear?
30:29How do you do that storytelling?
30:30What does that look like for you guys?
30:32I'm glad you asked that question.
30:34Shake his hand after that.
30:35I'm going to shake your producer's hand after this.
30:40I think how we want our company to be remembered can be most exemplified by what just happened in February.
30:48We have our Genesis Invitational Golf Tournament at the Riviera Country Club hosted by Tiger Woods every year,
30:58and there were some devastating fires in the L.A. area, as you know, in January this year, and it was just tragic.
31:08And we wanted to keep the golf tournament within the state of California, Southern California,
31:18and we wanted it to mean something for the citizens of Southern California.
31:27And through that process, we came out with a campaign called California Rises.
31:35And California Rises became a rally cry for moving the tournament in 12 days, business days,
31:44from the Palisades to San Diego, Torrey Pines, which was an amazing feat that the team pulled off.
31:51I don't know how they did it, a lot of sleepless nights.
31:53But through that process between the PGA Tour, the TGR Foundation from Tiger Woods, and Genesis,
32:01we raised over $8 million to go towards a wildfire release.
32:12And we included in there 100 vehicles donated to organizations that needed vehicles,
32:20like the L.A. Fire Department, et cetera, that were tournament vehicles driven by the PGA Tours.
32:26So if someone wants to think about who was Genesis, we want them to say they're great neighbors and citizens
32:35and business to have because they're a fabric of our community.
32:39Yeah, yeah, I love that.
32:41Well, I came up with the questions.
32:42You can shake my hand.
32:43I was giving Travis.
32:44Just in case you didn't like that.
32:45You didn't know which way it was going to go.
32:47Right.
32:47No, but thank you for that, man.
32:49But listen, if you describe your word, we're ready to wrap up here in one word.
32:52Again, you've been through Ford.
32:54You've been through Nissan and helped that Infiniti brand.
32:56I drove an Infiniti myself.
32:59But if you had to describe your career in one word, what would it be?
33:03Amazing.
33:03Amazing.
33:04Why amazing?
33:06It's beyond my wildest dreams.
33:08I didn't, you know, you have a young kid that got into the automotive industry because, you know, I like cars.
33:17I didn't know I could make a career out of it.
33:19And I definitely didn't think it wasn't intentional that I was, oh, I'm going to be a COO of a company.
33:26It's just the love of the business for me made this possible for me, and I'm blessed.
33:31And I have something amazing to be thankful for.
33:35Yeah.
33:35I love it, man.
33:36As you play it forward, right, what's Ted's trait?
33:38What's the best trait that you used on your career climb that you would recommend to the next COO of Genesis one day?
33:45Work hard and be good.
33:47Work hard and be good.
33:48Simple.
33:49I love that.
33:50Gets you out of here on some fun stuff, man.
33:52Million dollar question.
33:53First million.
33:53How did you make it?
33:54I think it was a combination of the market and real estate.
34:02Market and real estate?
34:03Yeah.
34:03Not cars?
34:05No, I wasn't buying cars.
34:06I had company cars.
34:07But I was moving out of California, which is when you really can make money.
34:13But it was probably a combination of the market.
34:17It was actually right after the financial crisis when everything was taking off.
34:22And that was a great example of playing the long game.
34:25It was between that and real estate.
34:30Yeah.
34:30How'd you spend it?
34:32I didn't.
34:32You didn't spend a million dollars.
34:34Well, I don't want to say that.
34:36You're thinking about that luxury car you have.
34:39I reinvested, right?
34:40So when I went back to California, of course, you got to buy another house.
34:46But, you know, I think it's important to live within your means as well, you know,
34:52because if you stretch yourself too far, then it's hard to weather the bumps.
34:58Yeah.
34:58Right?
34:59But if you can live within your means and weather the bumps, then, man,
35:03you have opportunity to invest when others are pessimistic and grow.
35:09Yeah.
35:10Outlook, man.
35:10You look at the auto industry in one word.
35:13If you had to describe it right now, what would that one word be?
35:16Opportunity.
35:17Opportunity.
35:17I'm glad you said that because my next question was,
35:19is there any opportunities in the chaos, right?
35:21Yeah.
35:21What would you say the opportunities are from here until 2030?
35:24And I say that because that's a full decade.
35:26I think the opportunity is for those that are willing to bet or be brave or be confident
35:37in the products that they have, have an optimistic future.
35:40I think if, if you're pessimistic or, uh, uh, or, uh, or a downer on the, on the future, uh, then it's hard to, hard to grow or hard, hard to be motivated.
35:52I'm confident in the future.
35:54I'm confident in Genesis.
35:56I'm confident in our products.
35:58Uh, I'm confident in our retailers and, and their, uh, facilities that they have that, uh, we're going to win.
36:03Yeah.
36:03Yeah.
36:04I love that.
36:04Outlook man on, uh, you know, black America as in general, right?
36:08Nielsen says that, uh, the black America will be able to have 2.1 trillion in spending power by next year, 2026.
36:15When you hear that number, 2.1 trillion, what's the first thing that comes to mind?
36:19A huge consumer base, right?
36:20So I think, uh, uh, the, uh, the opportunity to, to market to, uh, um, every group, uh, is available to us, right?
36:31So I think our vehicles are, uh, are, are beautiful to all.
36:36Uh, I think presenting it, uh, our vehicles, uh, as an opportunity, uh, for a, uh, uh, a purchase to all communities is important, uh, to us.
36:47So I think, uh, that, that's a great demographic to market to and, and grow with.
36:53And, and we actually, uh, it is, uh, our number one minority.
36:57I was ready to say, man, I go back to North Philly.
37:00I see a lot of people driving Genesis, man.
37:02It is our number one minority.
37:03Yeah, it was Infinity back in the day, but now I see a lot of people driving Genesis, man.
37:07I love that.
37:08Look around the world, right?
37:09Look around the world.
37:11Where does Ted put some money at right now outside of the U.S.?
37:14Which country are you looking at?
37:15Africa?
37:15You know.
37:16I don't, it's not that I wouldn't, but I don't invest in anything I don't know or understand.
37:23So I would need to go back and spend time, uh, to understand, uh, and truly, uh, know the opportunities that are there, uh, and then invest in it.
37:32So that it's not, it's not being critical of the market.
37:35I'm, I'm, I'm just so, um, uh, bogged down or committed to the U.S. and working and living here and understand this market better.
37:43It's, uh, maybe easier for me, but that's not to say that, uh, Africa is not, uh, a market to invest in.
37:51I think future growth and opportunity, uh, there is no, uh, market, uh, uh, uh, uh, better positioned than, I would say, uh, uh, South America and Africa.
38:03Yeah.
38:04I think South America and Africa are markets that are untapped and have the most growth, uh, uh, looking forward.
38:11Yeah.
38:11All the raw materials and Africa.
38:13Oh, for sure.
38:13I mean, the mineral, I mean, it's just, it's there.
38:15That continent is, it's going to explode.
38:17It really is.
38:18Three books, right.
38:19That inspired Ted to perform or motivate you, right.
38:23Perform your best and motivate you.
38:25Uh, what are those three books?
38:27Uh, one is, uh, a book called the psychology of money.
38:31Mm.
38:31Uh, it was, uh, you should read it.
38:34It's, uh, it's, uh, it's not what you think.
38:36Yeah.
38:36It's a really good book.
38:38Uh, I read another book.
38:39Um, actually I read it.
38:40Um, I, in my prior role, uh, my directors and I, uh, read a book called the culture code
38:46and it embodied, uh, the environment that we want to create, uh, for, uh, for our employees
38:54and our leadership style and the community that we wanted to create.
38:57It was a culture code.
38:59Uh, and then, uh, why not?
39:02And I, I love all of Malcolm Gladwell's books.
39:04Yeah.
39:04I want to go into that.
39:05Thousand hours.
39:06Yeah, all of that.
39:07Uh, but then, uh, another book that I read that was quite, uh, um, insightful was, uh,
39:14Sapiens.
39:14I don't know if you've read Sapiens, but, uh, Yuval Steinman, I believe it is, uh, an amazing
39:20book.
39:20So my, my reading is quite eclectic.
39:22Right now, um, um, my, um, my wife and I, my two sons read every night together.
39:28Yeah.
39:29We take 20 minutes and, and they're, they've become big readers from it.
39:32And my son didn't like the books I was reading.
39:34So he, he's asked me to read a book that he read.
39:37So I'm reading a book called Spy School right now.
39:41Spy School.
39:43Spy School.
39:43So, uh, I'll let you know how that goes.
39:46Yeah, let me know.
39:47But I got an 11 year old.
39:48It might be good.
39:49No, it, it's, uh, before that, I, you know, a few months ago, I read, uh, Harry Potter for
39:54the first time because they're, so it all depends, right?
39:57If, if, if they're not, uh, pushing me to read a book, then I'm usually reading, uh,
40:02some of the books that I told you about.
40:03Yeah.
40:03Yeah.
40:04I love it though.
40:04Spy School, man.
40:05I gotta, I gotta look into that one, man.
40:07Get you out of here on Good to Great, right?
40:09After my favorite business book, Good to Great by Jim Collins.
40:12What is the difference, Ted?
40:13And you should know this, man, between a good luxury car and a great one.
40:18I think a good luxury car is, you know, uh, one that has a great leather and, you know,
40:25a great sound system or, uh, great looking wheels.
40:30I think a great vehicle is one that you feel good driving.
40:35You can't really put your finger on it, but you're like, man, I just want to get into that
40:40car and drive it.
40:42And, uh, I think, uh, I experienced that with our vehicles, uh, every day.
40:47You know, the car I drove the most for the most number of years was our entry model G70.
40:54It is a driver car.
40:56Yeah.
40:56It is one of the most funnest vehicles you could ever drive.
40:59And now I'm driving a GV80 coupe, which is a larger SUV, and it has the same drive dynamics
41:05as that car.
41:06And it's hard to believe that this bigger SUV can be as fun to drive as a G70.
41:13And, uh, I think that's a great vehicle.
41:15Yeah, it is, man.
41:16I'm telling you, that's, I give it away.
41:18I have the G70.
41:20There you go, man.
41:21There you go.
41:22They're fun cars.
41:23Yeah, man.
41:24They are fun, man.
41:24You put that thing in sport mode, man.
41:26There you go.
41:27Sport plus, be careful.
41:28Yeah.
41:29Sport's great.
41:30Yeah, I'm telling you, man.
41:31I love it.
41:31Ted, it is a pleasure, man.
41:33Thank you so much.
41:34I hope you have you back talking to automotive industry, man.
41:36This has been phenomenal.
41:38And please, come to the BLK Summit, man.
41:39We're going to have it down in Atlanta.
41:41And so, you know.
41:41I just need an invite and a cheesesteak, and I'm there, man.
41:44I got the, as soon as I get the Genesis invite, I will send you a cheesesteak.
41:47Done.
41:47Right?
41:47And a personal invite to come, man.
41:49Deal.
41:49Definitely.
41:49Love to have you.
41:50Ted, appreciate it, man.
41:51And go to Genesis house.
41:53You might see me there, sitting right next to Ted.
41:56Enterprise Zone at the NASDAQ.
41:58Thank you for listening.
42:04Thank you for listening.