Korean car giant, dubbed Hyundai, has secured a spot on the podium for “world’s third-largest carmaker” by volume, trailing behind the Japanese Motor Corp Toyota and German automaker Volkswagen.
As per the Bloomberg’s report, surprisingly, the carmaker has left behind the American auto giant General Motors, Nissan, and Stellantis this year in terms of volume within a little span of 50 years. Founded in 1967, the company started manufacturing not-expensive cars for the home market. And after the hard work of decades, the automaker has carried the capacity to stand toe to toe with the best from multinational conglomerates.
What Sales Charts Reveal?
In 2021, Hyundai sold 6.6 million units against Toyota Motor Corp’s 10.5 million and Volkswagen’s 8.9 million. The reason behind is the company’s sky-rocketing popularity in the North American region. Even 21% of its sales are recorded in Canada, USA, and Mexican markets, compared to 17% of the contribution of its home market.
Bloomberg’s report has disclosed that the company is planning to invest a hefty amount to build an EV plant in the US, aiming to be the second largest electric car maker in the country, leaping over Ford and coming close to the EV giant Tesla.
Hyundai’s CEO informed:
“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 Hyundai’s Seoul headquarters last week. “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.”
Coming to the luxury vehicles, Hyundai’s Genesis joined the chorus of full-throated premium cars challenging the carmakers like BMW and Mercedes-Benz.
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Waiting Hyundai Palisade in the country.