Hyundai has grown more than any automaker in the U.S. — and its not done yet

SAN FRANCISCO — Hyundai Motor Co. CEO José Muñoz smiled and nodded as a fellow executive discussed the automaker’s “mueos-ideun ganeunghada” philosophy during the reveal of its new flagship Genesis GV90 SUV.

The term means “anything is possible” in Korean. It’s a mantra for the South Korean automaker that has proved to be true for the company’s U.S. ambitions as well as for Muñoz himself, a Spanish-U.S. dual national who is the first non-Korean executive to lead the automaker.

Hyundai has experienced rapid growth in the U.S. so far this decade despite an onslaught of geopolitical changes and a slowing market. And it’s hoping to keep that going. The company is ramping up production at a new $7.6 billion plant in Georgia to continue to capture more sales and market share.

“My top three priorities are U-S-A,” Muñoz told CNBC during an interview last week after the Genesis reveal. “USA is helping us to really make good progress, not only in the most important market and the most competitive market in the world, but also elsewhere.”

Hyundai Motor Group, which includes its namesake vehicles as well as the Kia and luxury Genesis brands, has increased its market share this decade more than any major automaker in the U.S., according to data from Mobility Global.

The group has grown its U.S. market share from 8.4% in 2020 to 11.2% through last year, and its sales have grown 50% over that period, making the South Korean company the fourth best-selling automaker in the country. Its market share is up to 11.8% through the first half of this year, according to auto intelligence firm Mobility Global.

No other major automaker is even close to such market share gains, with most flat to down during that timeframe. Electric vehicle manufacturer Tesla, at an estimated 2.1 percentage point increase in market share, is the only company even close, according to Mobility Global.

Hyundai’s U.S. performance has helped it become the third best-selling automaker globally and the second most profitable based on operating income, Munoz said.

Hyundai Motor Group Executive Chair Euisun Chung downplayed the company’s rapid rise when speaking last week to CNBC: “It’s important, but speed doesn’t matter. How we grow in the right way [is what matters]. I think that’s more important.”

But investors have definitely taken notice of the growth, with shares of the company on the Korea stock exchange up nearly 250% since 2020.

Hyundai expects its growth to continue with a $26 billion investment plan through 2028 that could include making its new Metaplant in Georgia the largest vehicle assembly plant in the country.

Muñoz told CNBC the company is considering plans to increase the expected production capacity at the plant from 500,000 units to between 700,000 and 800,000 units by 2028. It currently produces the all-electric Hyundai Ioniq 5 and Ioniq 9 as well as the Kia Sportage hybrid, with additional vehicles expected in the coming years.

The goal is for Hyundai to produce at least 80% of the vehicles it sells in the U.S. domestically by the end of this decade, up from roughly 40% in 2024.

“For that purpose, we need to add more capacity,” Muñoz said. “We are ramping up as fast as we can.”

The investment is the largest in the company’s U.S. history, as it aims to increase sales to 5.55 million vehicles globally under a “Bold 2030 Vision” plan outlined by Muñoz last year at the company’s first investor day ever held in the U.S.

The plan is an ambitious outline to increase sales by roughly 35% from last year to 2030. That includes entering new markets globally, with the U.S. as an anchor for continued profitable growth.

Muñoz on Wednesday reconfirmed those plans during the company’s 2026 CEO investor day, including a 6% targeted global market share for Hyundai and Genesis.

Muñoz last week said President Donald Trump’s tariffs, including 15% on autos from South Korea, have played a role in the company accelerating its U.S. production plans.

“Tariffs are helping accelerate our localization plan. That’s very, very simple,” he said. “The good thing is that we had already started before tariffs were announced. So in a way it’s helping us to accelerate.”

The Georgia plant is key for Hyundai and Kia, both of which have grown sales roughly 45% in the U.S. since 2020.

“This decade’s been about a brand transformation, and the growth has been phenomenal. We’ve really transformed everything,” Eric Watson, Kia America vice president of sales operations, said during an interview. “We continue to plan to grow.”

Kia’s growth plans include increasing U.S. sales to 1.02 million vehicles in the U.S. by 2030, the company’s CEO, Ho Sung Song, said earlier this year. That is expected to be assisted by Kia’s entry into pickup trucks and more capable SUVs that are known as “body-on-frame” vehicles.

“We think that’s an important segment to be involved in, a body on frame vehicle/truck,” Watson said. “It’ll be an important piece of our growth strategy that we’ll look forward to announcing more in the future.”

Hyundai also plans to add such vehicles, including a midsize pickup truck. The company earlier this year debuted a rugged concept vehicle called the Boulder, which could mean additional production capacity in the U.S. for body-on-frame models.

“It’s a new unexplored territory for us,” Muñoz said. “We are always, always assessing the opportunities that we have in the market.”

Hyundai entered the U.S. market in 1986, followed by Kia in 1993 with cheaper options than American consumers could get from U.S. automakers and aiming to compete against growing Japanese companies such as Toyota Motor.

Since then, Hyundai executives said several transformations — from overhauling quality and design to logos and dealer showrooms — have led the brands to where they are today as quality value plays.

“Both Kia and Hyundai are really good at being able to offer more in the vehicle than the consumer expects, and that they expect at that price point,” said Stephanie Brinley, associate director of Mobility Global’s AutoIntelligence. “It’s not about being a ‘cheap car.’ It’s just being able to offer a little bit more than expected.”

Muñoz attributed Hyundai’s success to its customer focus and its ability to surprise buyers, many of whom are new to the brand, with the capabilities and features of its vehicles. He also said the global reach of Hyundai, which also owns steel plants and other suppliers, is paramount to its progress.

“We have determined that being competitive is a key element for the American consumer. So, affordability is something that we fully understand and we apply,” he said. “We want to offer the customer the right product, the right features at the right level of price.”

That “right level” has been widening for the automaker in the U.S. It continues to sell entry-level vehicles that start in the $20,000s for Kia and Hyundai, while growing the top-end sales for both brands. Its Genesis luxury brand, meanwhile, has models that reach $100,000 or more.

Hyundai on Wednesday said it is planning more than 100 vehicle launches and refreshes across Hyundai and Genesis by 2030, including 58 in North America. It also will significantly increase its electrified vehicle offerings, including extended-range hybrids.

Genesis, which launched a decade ago in the U.S., has seen a particularly rapid growth, to become the fastest-selling luxury brand to 1 million sales globally, according to the company.

Executives described its newest GV90 flagship SUV, including a model with coach doors and rotating lounge seats, as a new chapter for the Genesis brand, reiterating that “anything is possible.”

“From the very beginning, the world took notice of Genesis,” Genesis North America Chief Operating Officer Tedros Mengiste said at the GV90 reveal as Muñoz nodded. “And tonight you will see mueos-ideun ganeunghada – anything is possible – come to life.”