South Korean carmaker Hyundai has accelerated its position as a global player trailing behind just Japan’s Toyota Motor Corp and the German Volkswagen Group to become the world’s third largest carmaker (in terms of volumes).
Founded in 1967, the Korean car company clocked a record year for the first-time beating GM and Stellantis this year. In 2021, Hyundai sold 6.6 million vehicles globally, compared to Volkswagen’s 8.9 million units and Toyota Motor Corp’s 10.5 million units.
The growth can be attributed to Hyundai’s rising popularity in the North American region. In fact, USA, Canada and Mexican markets accounted for 21 percent of its sales, higher than its home market contribution of 17 percent.
As per Bloomberg report, Hyundai is currently looking to invest billions, as it builds a new EV plant in the US. It is also expected that the Korean carmaker is also setting its eyes to be the second largest electric vehicle brand in the USA, surpassing Ford, and coming closely behind Tesla.
In the luxury segment, Hyundai’s Genesis brand competes against traditional German players such as BMW, Audi and Mercedes-Benz globally.
