Hyundai Motor Co. unveiled its new flagship Genesis GV90 SUV while announcing continued expansion plans in the United States market. CEO José Muñoz, the first non-Korean executive to lead the company, emphasized that the U.S. remains his top priority as the automaker pursues aggressive growth targets.
Hyundai Motor Group, which encompasses the Hyundai, Kia, and Genesis brands, has outpaced all other major automakers in gaining U.S. market share during this decade. The conglomerate increased its market share from 8.4% in 2020 to 11.2% through last year, with sales climbing 50% over that period. Current figures show market share reaching 11.8% through the first half of this year. The group now ranks as the fourth best-selling automaker in the country. Tesla represents the only competitor with comparable gains, increasing market share by an estimated 2.1 percentage points.
The company is accelerating capacity expansion at its Georgia manufacturing facility, a $7.6 billion investment. Muñoz indicated that production capacity could increase from the initially planned 500,000 units to between 700,000 and 800,000 units by 2028, potentially making it the largest vehicle assembly plant in the nation. The facility currently produces electric vehicles including the Hyundai Ioniq 5 and Ioniq 9, as well as the Kia Sportage hybrid. Hyundai aims to produce at least 80% of its U.S. vehicles domestically by the end of this decade, compared to approximately 40% in 2024.
Under a “Bold 2030 Vision” plan, Hyundai seeks to increase global sales by roughly 35% from last year through 2030, with a target global market share of 6% for Hyundai and Genesis brands. Trade tariffs, including a 15% duty on South Korean autos, are cited as accelerating the company’s localization strategy. Both Hyundai and Kia have experienced approximately 45% sales growth in the U.S. since 2020, with plans to enter new vehicle segments including pickup trucks and body-on-frame SUVs to sustain expansion momentum.
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