Hyundai to build more cars in America, betting big on new hybrids and trucks, CEO says

Hyundai's top executive, José Muñoz, announced plans to increase automobile production in the United States, focusing on hybrid vehicles and trucks. At its 2026 CEO Investor Day, the company revealed a strategy to build more cars on US soil and stock American dealerships with new hybrids, including its first extended-range electric vehicle. Muñoz is confident that localized production and a surge in hybrid demand will boost profits and sales, even as the overall US car market remains stagnant.

The company aims to introduce over 100 new models by 2030, with multiple powertrain options, while raising its operating margin above 9 percent. A key highlight is the upcoming Santa Fe midsize SUV EREV, set to launch in the first half of 2027 and manufactured in Alabama. This vehicle combines a battery with an onboard charger, offering more than 600 miles of range.

Hyundai plans to expand its North American capacity by 500,000 units annually by 2030, part of a global expansion to 1.27 million units. The company is also increasing its local-parts sourcing target to 80 percent from 60 percent in the US.

Hybrids will be the main focus, with more than 10 models in North America by 2030, accounting for 50 percent of sales, produced in Alabama and at Hyundai's Georgia plant. Cumulative hybrid sales in North America have surpassed 1 million units. This move follows a record first half, with 595,457 units sold in North America, the highest in the region's history, as US sales increased by 3 percent to 489,656, driven by the Tucson and Palisade. The upcoming Tucson and Tucson Hybrid will arrive in the fourth quarter.

Additionally, Hyundai is targeting "white spaces" in the market, such as body-on-frame trucks and light commercial vehicles, aiming to compete directly with industry giants like Ford, General Motors, and Toyota. This strategy will likely impact the highly competitive US truck segment. The global plan includes over 100 new and refreshed vehicles by 2030, with 58 in North America, 49 in Korea, 41 in Europe, 26 in India, and 22 in China.

Seven new vehicles are set to launch in the next eight months, including the all-new Elantra, IONIQ 3 EV, Tucson, and Santa Fe EREV. Muñoz reiterated a 2030 goal of 5.55 million global sales and a 6 percent market share, with electrified vehicles comprising 60 percent of the mix, up from 23 percent in 2025. The guidance raised Hyundai's 2030 operating margin target to above 9 percent, from the previous 8 percent to 9 percent, driven by a 3 percentage point reduction in the cost-of-sales ratio.