Despite the unfavorable business conditions, Hyundai said it plans to sell 4.17 million cars in 2025, up from 4.14 million in 2024. It has a revenue growth target of 3% to 4% this year and is setting aside a total of 16.

Hyundai sells commercial vehicles like buses and heavy-duty trucks in other markets, but hasn't attempted to enter the U.S. market under its own banner. The automaker is bringing a small fleet of Xcient Fuel Cell Class 8 semi trucks to California for testing, though.

“We are considering re-badging our commercial EVs and supplying GM,” Hyundai’s CFO, Lee Seung Jo, said on a conference call (via Reuters) Thursday. Lee added the deal would pave the way for our entry into the North American commercial vehicle market.”