hyundai is currently the world’s third largest automaker by volume. Volkswagen When Toyota, often vie for first and second place among the world’s largest car companies.In just over half a century, South Korean automakers have leapfrogged American auto giants general motorsand multinational conglomerates Stellantisaccording to bloomberg.
The company’s steady growth stalled in 2020 during the global pandemic, but so did every other company. The entire auto industry was hit hard, but when measured on the curve, Hyundai was not far behind its rivals. Then, in 2021, Hyundai saw an increase in production and sales, selling 6.6 million units to end the year. Volkswagen sold 8.9 million of his and Toyota 10.5 million of his that year.
Hyundai is still far from Toyota, but the automaker has borrowed a page from Toyota’s playbook and leveraged its production and manufacturing strengths to grow. bloomberg:
“We are on the right track and have been very strong this year,” 58-year-old president and co-CEO Jaehoon Chang said in an interview last week at the library of Hyundai Motor’s Seoul headquarters. “Our supply chain management has been critical. Despite chip shortages, we are trying to be flexible, optimize and protect production as much as possible.”
Hyundai is currently the largest automobile assembly plants in the world. Modern Ulsan factory In South Korea, it has five small factories built in a complex and its own shipping dock. bloomberg Hyundai’s conglomerate is expanding not only into the production of steel used to build cars in Ulsan, but also into the steel used to build the shipping vessels that transport the company’s cars abroad.
Jack Donaghy We called it vertical integration. Of course, 2022 numbers and sales aren’t fully tallied yet, but Hyundai expects him to earn 21% more revenue than he did in 2021, or about $108 billion overall. bloomberg It claims to have the highest average growth rate among major automakers.
G/O Media can earn commissions
This means Hyundai can easily maintain its position among the top three automakers, thanks in part to its popularity in North America. The United States, Canada and Mexico accounted for his 21% of Hyundai’s sales last year, well above his 17% in his home market of South Korea.
Hyundai surpassed in just 55 years since its founding general motorsand automakers’ Popularity in America I was very involved in its growth.
Hyundai hopes its popularity will continue to grow in America. labor law violation could change that. Aside from that, the company has staked billions of dollars through investments, US EV factory As we transition to newer EVs, including Hyundai Ionic 5, Ionic 6 When Kia EV6Hyundai is vying for Ford’s place as the second-largest EV seller in the US, behind Tesla.
The company is also challenging luxury brands such as Mercedes-Benz and BMW. genesis The brand has moved the automaker away from its economy car roots. Chinese car manufacturer Usually seen as the next challenger to the major Japanese, European and American automakers, the first appears to have been the Korean automaker.