Hyundai Becomes World’s 3rd-largest Automaker

Hyundai becomes world’s 3rd-largest Automaker

Hyundai Motor Group is now the third largest automaker in the world in terms of sales volume. Hyundai Motor Group said its global sales volume from January to June this year stood at 3.3 million vehicles, ranking third behind Volkswagen Group, which sold 4 million vehicles, and Toyota, which sold 5.1 million vehicles ranked first.

The Renault-Nissan-Mitsubishi Alliance surpassed Hyundai with 3.14 million vehicles and Stelantis with sales of 3.01 million vehicles.

Hyundai Motor Company

Automotive manufacturer

Founded: 29 December 1967, Seoul, South Korea
Headquarters: Seoul, South Korea
Parent organization: Hyundai Motor Group
Subsidiaries: Hyundai Capital, Genesis Motor, MORE
CEO: Jae Hoon Chang (15 Dec 2020–), Chung Eui-sun (Mar 2019)

In 2010, Hyundai Motor Group passed American automaker Ford Motor to take over as the fifth-largest carmaker in the world. In 2021, the Korean automaker sold 6,667,000 units a year, remaining at the same position. Then, in the first half of this year, it jumped by two notches at once.

The company’s growth was attributed to successful production line management at a time when competitors around the world were struggling with a shortage of automotive semiconductors. The Korean carmaker plans to consolidate its position in the second half of this year.

In the first half of this year, sales declined 6 percent for Toyota, 14 percent for Volkswagen, 16 percent for Stelantis, 17.3 percent for Renault-Nissan-Mitsubishi, and 18.6 percent for GM. On the other hand, the sales of Hyundai Motor Co. And Kia fell only 5.1 percent from the same period last year.

According to experts, the manufacturing delays experienced by international automakers as a result of the lack of semiconductors helped Hyundai Motor Group gain market share globally. Strong sales of the luxury brand Genesis and electric vehicles also contributed to the growth of the Hyundai Motor Group.

Hyundai Motor Group anticipates that its production will increase gradually for some time as the supply of semiconductors and other parts improves. It also plans to increase its market presence by launching new cars.

The IONIQ 6, a new electric vehicle from Hyundai Motor Co., will be available starting in September. In addition, the Santa Fe Hybrid and Genesis GV70 electric vehicles will begin rolling out from the Alabama plant in the United States in October and December, respectively.

Hyundai becomes world’s 3rd-largest Automaker