Hyundai Motor Co. revealed its new flagship Genesis GV90 SUV and reiterated ambitious growth plans for the U.S. market during its investor day. CEO José Muñoz, the first non-Korean executive to lead the automaker, emphasized that U.S. expansion remains the company’s top priority.
Hyundai Motor Group, which encompasses the Hyundai, Kia, and Genesis brands, has captured market share growth exceeding that of any competitor in the U.S. this decade. The group expanded its market share from 8.4% in 2020 to 11.2% through last year, with sales growing 50% during that period. Through the first half of this year, market share reached 11.8%, according to Mobility Global. The group is now the fourth best-selling automaker in the country and has become the third best-selling globally and second most profitable by operating income. Stock performance has reflected this momentum, with shares on the Korea stock exchange up nearly 250% since 2020.
The company is pursuing a $26 billion investment plan extending through 2028, with a focus on its Georgia manufacturing facility. Muñoz indicated the company is evaluating plans to increase production capacity at the plant from 500,000 units to between 700,000 and 800,000 units by 2028. Hyundai aims to domestically produce at least 80% of vehicles sold in the U.S. by decade’s end, up from approximately 40% in 2024. The facility currently manufactures electric vehicles and hybrids, with additional models planned.
The investment aligns with Hyundai’s “Bold 2030 Vision” plan, which targets increasing global sales roughly 35% from last year to 2030 and achieving 6% global market share for Hyundai and Genesis brands. Muñoz noted that tariff policies have accelerated localization efforts. Kia separately plans to boost U.S. sales to 1.02 million vehicles by 2030, supported by expansion into pickup trucks and body-on-frame SUVs. Both brands are exploring production of these vehicle types to address market segments previously unexplored by the South Korean automakers.
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