Abstract: The mobility sector is undergoing a paradigm shift driven by advances in Generative Artificial Intelligence. With a global market valued at approximately 2.9 trillion dollars annually, considering only cars, the integration of these technologies has the potential to impact more than 1.5 billion vehicles worldwide. As Large Language Models (LLMs) are increasingly adopted in mobility, concerns about cybersecurity, privacy, and reliability emerge. Accordingly, this paper surveys current applications and assesses these challenges. Since the European AI Act classifies transportation AI as high risk, we derive nine technical classes from its requirements to assess current research and future deployments. Our findings show that research mainly studies GPT and Llama models (over 50\% of reviewed works) and traffic applications while largely neglecting security, privacy, and reliability. This gap extends to AI Act compliance: among 35 reviewed works, only one includes a partial vulnerability assessment and one a partial risk management system. We identify a clear gap between strong optimization performance and regulatory adherence, suggesting compliance is limited less by technology than by a focus on static performance over lifecycle safety, and underscoring an urgent need for security-by-design in safety-critical intelligent transportation systems.