Hyundai takes aim at Toyota and Volkswagen, now becomes number 3 carmaker

  • Hyundai is also duking it out with Ford Motor for grabbing the second place in US electric vehicle sales this year.
File photo of Hyundai logo
File photo of Hyundai logo

Taking a sharp aim at Toyota and Volkswagen, South Korea's Hyundai Motor has become the third-largest automaker in the world in terms of volumes. To reach this position, Hyundai has quietly surpassed General Motors, Nissan Motor and Stellantis NV in annual volumes. The automaker started off 55 years ago as a manufacturer of affordable vehicles for its home market, and began its international expansion only in the 80s.

The carmaker is also duking it out with Ford Motor for grabbing the second place in US electric vehicle sales this year, behind Tesla. “We are on the right track, and this year we were very strong," President and co-Chief Executive Officer Jaehoon Chang, said in an interview from a library at Hyundai’s Seoul headquarters last week. “We're trying to be flexible, and optimize and protect production as much as we can in spite of the chip shortage."

Also check these Cars

Find more Cars
Hyundai Grand I10 Nios (HT Auto photo)
Engine Icon1197.0 cc FuelType IconMultiple
₹ 5.84 - 8.51 Lakhs
Compare
View Offers
Hyundai I20 N Line (HT Auto photo)
Engine Icon998 cc FuelType IconPetrol
₹ 9.99 - 12.47 Lakhs
Compare
View Offers
Maruti Suzuki Swift (HT Auto photo)
Engine Icon1197.0 cc FuelType IconMultiple
₹ 5.99 - 9.03 Lakhs
Compare
View Offers
Maruti Suzuki Baleno (HT Auto photo)
Engine Icon1197.0 cc FuelType IconMultiple
₹ 6.61 - 9.88 Lakhs
Compare
View Offers
Maruti Suzuki Swift 2024 (HT Auto photo)
UPCOMING
Engine Icon1197 cc FuelType IconPetrol
₹ 6.50 - 10 Lakhs
View Details
Maruti Suzuki Wagon R (HT Auto photo)
Engine Icon1197.0 cc FuelType IconMultiple
₹ 5.54 - 7.42 Lakhs
Compare
View Offers

Also Read : Hyundai Ioniq 5 EV unveiled in India, bookings open for 1 lakh

However, challenges are also a part of this journey. The carmaker is facing various challenges such as suspension of a large factory in Russia and new US legislation that could hurt EV subsidies. The manufacturer also faces higher raw material costs, an ongoing chip shortage and allegations that Hyundai’s suppliers in Alabama hired underage workers. North America represented 21% of total sales last year, making it Hyundai’s biggest single market, while just 17% of revenue came from its home market.

The carmaker's global presence is rooted in its strong manufacturing base in South Korea. The carmaker operates the world’s biggest assembly plant in Ulsan with an annual production capacity of 1.4 million vehicles. The carmaker's other nine factories are spread across the globe, and it sold 6.6 million vehicles in 2021. This year, revenue is on track to expand 21% to 141.7 trillion won ($108 billion).

First Published Date: 21 Dec 2022, 11:26 AM IST
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy
Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.