Hyundai Motor Co. unveiled its new flagship Genesis GV90 SUV while reaffirming ambitious growth plans for the U.S. market. CEO José Muñoz, the first non-Korean executive to lead the automaker, identified the United States as his top priority, citing its importance as the world’s largest and most competitive automotive market.
Hyundai Motor Group, which encompasses the Hyundai, Kia, and Genesis brands, has outpaced all major competitors in gaining U.S. market share during the current decade. The group increased its share from 8.4% in 2020 to 11.2% through last year, with sales climbing 50% over that period. Through the first half of this year, market share reached 11.8%, making Hyundai Motor Group the fourth best-selling automaker in the country. Tesla represents the only other significant gainer at an estimated 2.1 percentage points. The company’s strong U.S. performance has contributed to it becoming the third best-selling automaker globally and the second most profitable by operating income.
The company is pursuing a $26 billion investment plan extending through 2028, with a centerpiece being its Georgia manufacturing facility. Hyundai is considering expanding the plant’s production capacity from 500,000 units to between 700,000 and 800,000 units by 2028. The facility currently produces electric vehicles and hybrids, with additional models planned. The expansion aims to enable Hyundai to manufacture at least 80% of vehicles it sells domestically by the end of the decade, up from approximately 40% in 2024.
Muñoz indicated that tariffs on South Korean automotive imports have accelerated localization efforts. The company outlined a “Bold 2030 Vision” targeting global sales of 5.55 million vehicles, representing roughly 35% growth from last year. Both Hyundai and Kia plan to introduce body-on-frame vehicles, including pickup trucks, to capture additional market segments. Kia aims to reach 1.02 million U.S. vehicle sales by 2030, while maintaining its focus on brand transformation and quality positioning established since entering the American market in 1993.
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