Hyundai Motor Co. CEO José Muñoz Outlines Ambitious U.S. Expansion Plans and Production Goals
Hyundai Motor Co. CEO José Muñoz announced that the company is evaluating plans to increase the annual production capacity of its new Georgia plant to between 700,000 and 800,000 units by 2028. This expansion aims to position the facility as the largest vehicle assembly plant in the United States, potentially surpassing Tesla's Fremont factory. The move is part of a $26 billion investment plan through 2028, which includes a goal to produce at least 80% of the vehicles sold in the U.S. domestically by the end of the decade. Muñoz noted that President Trump's tariffs have helped accelerate these localization plans. The South Korean automaker has seen significant growth this decade, increasing its U.S. market share from 8.4% in 2020 to 11.8% in the first half of this year. To maintain this momentum, the company is diversifying its product lineup, including new body-on-frame models and over 100 vehicle launches planned by 2030. The strategy focuses on the 'Bold 2030 Vision' to achieve a 35% increase in global sales by 2030.