Hyundai Motors Becomes One Of The Big Three For Largest Automakers
Hyundai Motors Ranks Third In The World
Hyundai Motors has officially become the third-largest car manufacturer in the world by volume. It’s ranked by Volkswagen and Toyota, which often battle for first and second place amid the world’s largest automakers. According to Bloomberg, the famous South Korean car company has finally jumped over big and bad General Motors, along with the multinational conglomerate Stellantis.
As with many car manufacturers, the gradual growth of Hyundai temporarily ceased during the 2020 global pandemic. As a whole, the automotive industry took a beating, but Hyundai was still not far behind the competition. By 2021, Hyundai bounced back in production and sales, closing the year with 6.6 million cars sold. At the same time, Toyota sold 10.5 million cars that year, while Volkswagen followed behind with 8.9 million.
Though Hyundai is still miles away from Toyota, the automaker grabbed some pointers from its rival, taking advantage of the strengths of its production and manufacturing efforts to advance. Hyundai’s CEO broke it down for Bloomberg, explaining:
“We are on the right track, and this year we were very strong,” President and co-Chief Executive Officer Jaehoon Chang, 58, said in an interview from a library at the company’s Seoul headquarters in 2022. “Our supply chain management was key. We’re trying to be flexible, and optimize and protect production as much as we can in spite of the chip shortage.”
Presently, Hyundai manages the world’s largest auto assembly plant. Their South Korean Ulsan Plant has five smaller plants fixed into the complex and its own shipment dock. Bloomberg reported that the automaker’s conglomerate extends to the production of steel meant to build cars at Ulsan, together with steel utilized to make the shipping vessels ferry Hyundai’s vehicles abroad.
Hyundai is on course to make 21 percent more revenue than in 2021, or an overall $108 billion, the highest average growth rate among top automakers.
This suggests that Hyundai won’t have an issue maintaining its rank as one of the top three largest automakers; it’s due to the demand in North America. The U.S., Canada, and Mexico. These countries made up 21 percent of the automaker’s sales in 2021 and 17 percent of its home market in South Korea.
Hyundai believes its popularity will only expand further in the States; however, recent allegations of the automaker breaking labor laws could affect that. Be mindful that the car manufacturer is staking billions through investments and a possible North American EV plant as it works on its new electrics like the Hyundai Ioniq 5, Ioniq 6, and Kia EV6. The automaker is reaching for Ford’s spot as the second-biggest EV seller in the States, with only Tesla leading the way.
Moreover, Hyundai is squaring with luxury brands like Mercedes-Benz and BMW. While China’s car companies usually focus on challenging Japanese, European and American brands, it’s been car makers in South Korea all along.
Southern Team Hyundai
See all that Hyundai Motors has to offer at South Team Hyundai! We carry an extensive range of vehicles from the brand in various shapes and sizes. Those interested can view our online new car inventory on our dealership website. Then, when you find something to your liking, chat with one of our representatives for more information.