Hyundai Wants to Sell Bigger Trucks. Ford and GM Investors Should Be Aware.

Hyundai meets with investors in the U.S. on Thursday.. (Photo by Joe Raedle/Getty Images)

Key Points

About This Summary

• Hyundai plans to sell 5.55 million vehicles in 2030, including 3.3 million electrified vehicles, after selling 4.14 million in 2024.
• Hyundai aims to enter new segments like mid-size pickup trucks, potentially competing with General Motors and Ford Motor.
• Hyundai expects 2025 sales growth of 5% to 6% with operating profit margins of 6% to 7%, impacted by new U.S. tariffs.

Hyundai Motor wants to grow, partly by selling more of what Americans love: Pickup trucks.

Ahead of the company’s investor event in New York, Hyundai released its “Bold 2030 Vision.” It plans to sell 5.55 million cars in 2030. Hyundai sold 4.14 million vehicles in 2024.

It also plans to sell 3.3 million electrified vehicles in 2030. That implies substantial growth. Hyundai sold almost 760,000 electrified vehicles in 2024. Whether all-electric or hybrids, global auto makers are still committed to battery-powered cars, despite dwindling policy support in the U.S. The $7,500 federal EV purchase tax credit goes away at the end of September.

It isn’t all about EVs, though. Selling more cars means entering new business segments, including mid-size pickup trucks and light commercial vehicles. That’s potential competition for General Motors and Ford Motor . Hyundai launched its compact pickup, Santa Cruz, in 2021.

Some of the new products could end up benefiting GM, however. The pair recently struck a strategic alliance that will co-develop five vehicles launching as early as 2028. They include electric commercial vans for North America, and compact vehicles, compact SUVs, compact trucks, and midsize trucks for Central and South America.

Selling more cars also means localizing production and increasing capacity at Hyundai’s Georgia plant to 500,000 cars annually from 300,000.

“In an industry facing unprecedented transformation, Hyundai is uniquely positioned to win through our unmatched combination of compelling products, manufacturing flexibility, technology leadership, outstanding dealer partners, and global scale,” said CEO José Muñoz in a news release.

More immediately, Hyundai expects 2025 sales growth of between 5% and 6%. Operating profit margins should come in at between 6% and 7%.

That’s mixed guidance. Hyundai’s initial 2025 guidance projected 3% to 4% sales growth and 7% to 8% operating profit margins. The reduction in operating profits was attributed to “the impact of newly imposed U.S. tariffs.”

Tariffs have weighed on auto investor sentiment for months. Coming into Thursday, Hyundai stock has risen about 2% this year in overseas trading. Shares bottomed in April, shortly after President Trump’s April 2 “Liberation Day” tariff announcement.

Overall, it looks like a solid plan from the global auto maker, one that Ford and GM investors should, at least, understand.

Write to Al Root at allen.root@dowjones.com