Muñoz Explains Importance of Hyundai Steel Plant as Key Cog in U.S.
Market Strategy
SEOUL -José Muñoz, President and CEO of Hyundai Motor Company, presented the automotive conglomerate’s plan to grow at warp-speed during Hyundai’s 2026 CEO Investor Day held yesterday in Seoul, South Korea.
The strategic plan unveiled during the event drew both shock and awe because of its ambitious goals. Foremost among the high bar is reaching 5.55 million units in global sales by 2030, while also bolstering profitability through several initiatives, some of which have already begun.
“Let me leave you with where we stand: Market capitalization [that stands at more than two times last year’s average. [We are] third in the world by volume, second in profit; 5.55 million sales by 2030 with 60% electrified, an operating profit margin above 5.6 %, more than 100 launches, 127 million units of new capacity and a total payout ratio of 35% or better through 2027,” Muñoz explained as he summed up the plan.
“Our fundamentals are strong. Our strategy is clear. Our team is energized. And, with your continued support, I am confident about what comes next.”
Among the important initiatives coming down the pike is opening of the Hyundai Steel Plant in Louisiana, a new state-of-the-art facility with a capacity to produce 2.7M tons of new-low carbon steel. The plant is projected to help Hyundai meet its goal to grab greater market share at lower cost in the United States. Hyundai Motor will add 1.27 million units of global manufacturing capacity by 2030, including 500,000 units in North America. In the United States, Hyundai Motor delivered 489,656 units in the first half, up 3 percent, led by the Tucson, Palisade, and a deepening hybrid lineup.
“Hyundai Steel is very important because it allows us to have very competitive, high-quality, and environmentally friendly raw materials, which are going to be utilized to our advantage and to the disadvantage of other competitors. So, it’s very critical,” Muñoz explained in response to a question by Caribbean Business during a press conference after the event. “And, next week, we will be in Louisiana on Thursday or Friday to attend the grand opening of the new factory office. So, it is very important. And I think the CFO has also mentioned some of the dimensions that will give us confidence in the micro center.”
A Product Across Every Region
Hyundai Motor will launch or refresh over 100 vehicles globally by 2030, including 58 launches in North America, 49 in Korea, 41 in Europe, 26 in India and 22 in China. Many of these will be all new products or entries into new market segments. The first of these products are arriving soon, including all-new Elantra, the all-new IONIQ 3, the all-new Tucson and Tucson Hybrid, the first-ever Santa Fe EREV, an all-new A-segment SUV EV for India, an all-new global B-segment SUV, and an all-new B-segment SUV for Europe. The all-new Tucson and Tucson Hybrid will launch in initial markets in the fourth quarter, marking another milestone in Hyundai’s product offensive.
The new Santa Fe EREV will arrive in the first half of 2027, representing an uncompromising approach to electrification. The Santa Fe EREV is expected to deliver more than 600 miles of total range, combining an EV-like daily driving experience while addressing range and charging anxiety for customers. The vehicle will be built in the United States at Hyundai Motor Manufacturing Alabama.
Hyundai Motor intends to build on the performance in the first half of 2026. The company delivered two million wholesale units, generating revenue of 95.2 trillion won, up 2.7 percent year over year with an operating profit margin of 5.6 percent. In North America, Hyundai is raising its previously announced 2030 local parts sourcing target from 60 percent to 80 percent.
The region will offer more than 10 hybrid models by 2030, with hybrids reaching a 50-percent sales mix, produced at Hyundai Motor Manufacturing Alabama and Hyundai Motor Group Metaplant America. Cumulative hybrid sales in North America have passed one million units.
Total sales in North America continued to grow, outperforming the broader market thanks to record demand for hybrid vehicles. Sales for the first six months of 2026 reached 595,457 units, the best first half in the region’s history. In Europe, the company will cover 85 percent of the market with a fully electrified portfolio, including five all-new SUV and light commercial vehicles. Hyundai Motor aims to expand EV sales in Europe to more than 420,000 units by 2030, from 116,000 in 2025. The brand-new IONIQ 3 starts sale this month, offering 497 kilometers of range (309 miles) and is the first vehicle in Europe to feature Pleos Connect, Hyundai Motor Group’s next-generation connected-car infotainment platform.
Genesis Begins a New Decade
Genesis experienced meteoric growth in its first 10 years, selling a cumulative one million vehicles faster than any other luxury automotive brand in history. Genesis starts its second decade with continued momentum. The all new GV90 flagship embodies everything the brand has to offer in terms of luxury and technology. The GV80 Hybrid, the brand’s first hybrid, launches in the fourth quarter and offers a boost in both power and efficiency. Genesis will add an EREV SUV targeting over 640 miles of range in early 2027.
The GV90 and new powertrain options in the lineup allow Genesis to tap into some of the hottest segments of the rapidly growing luxury vehicle market. In Puerto Rico, where Hyundai owns 17 % of the market, the Pallisade was on back order when its wheels touched Puerto Rico roads.
Today, clients eagerly await refreshed versions of the new Tucson and the Genesis GV 90, which should arrive in Q2 of 2027. “Hyundai’s vision for 2030 reflects the strength of a brand that continues to evolve with a clear focus on innovation, technology and, above all, people,” said Pablo Martinez, Hyundai de Puerto Rico President and CEO, in response to the company’s macro-synergy plan. “For us in Puerto Rico, what is especially exciting is what this next chapter will mean for our customers: a broader and more diverse product portfolio, more powertrain choices, and increasingly connected experiences designed around the way their needs are changing. As Hyundai moves forward globally, our role is to bring that progress closer to Puerto Rico, making it relevant to our market and to the people we serve, while continuing to pursue our ambition of becoming Puerto Rico’s most loved automotive brand.”
The tariff war does not touch services or tourism; for Puerto Rico exporters and visitor economy, the window is open, and the clock starts Sept. 8
