The Korean automaker, Hyundai has become the world’s third-largest car manufacturer by volume. Toyota sits on top, followed by Volkswagen at second position in the list of top car manufacturers. The South Korean brand has managed to beat the likes of General Motors and Stellantis for the first time since it was founded on 29 December 1967.
Hyundai has reported a significant rise in production and sales in 2021. The company sold 6.6 million cars worldwide, while Toyota sold 10.5 million units in 2021 to secure the top position. On the other hand, the second largest car maker Volkswagen registered sales of 8.9 million cars worldwide in 2021.
The South Korean carmaker is right on track to further increase its sales in 2022. It is reported that Hyundai is expected to make 21 per cent more revenue than it did in 2021. It is the highest average growth rate among major automakers worldwide.
Hyundai has been registering phenomenal growth and popularity in North America. The report claims that the USA, Canada and Mexican markets contribute to 21 percent of the total sales for Hyundai Motor Company in 2021. In fact, the North American sales of Hyundai is significantly higher than its home market which accounted for 17 per cent.
The Korean automaker is aiming to further improve sales in North America. The company is aiming to invest billions, as it is planning to build a new EV plant in the US. Adding to it, Hyundai is also aiming to become the second-largest EV manufacturer by beating Ford in the USA. Currently, Tesla is the top selling EV manufacturer in the USA. Hyundai is also aiming to improve sales of its luxury cars under the Genesis brand to rival the likes of BMW, Audi & Mercedes-Benz.
Source – Bloomberg
