Hyundai is now the third largest automaker in the world

Hyundai It is now the third largest automaker in the world by volume, behind only Volkswagen And the Toyota, which is often at odds between the first and second places among the largest auto companies in the world. In just over half a century, the South Korean automaker has catapulted the American auto giant general motorsas well as a multinational conglomerate Excellentto me bloomberg.

The company’s steady growth was halted in 2020 during the global pandemic, but other companies’ growth also stalled; The auto industry as a whole has taken a hit, but with its curve classification, Hyundai hasn’t been far behind its competitors. Then in 2021, Hyundai saw production and sales increase, closing the year with 6.6 million vehicles sold. Volkswagen sold 8.9 million vehicles that year, while Toyota sold 10.5 million vehicles.

While Hyundai is still a long way from Toyota, the automaker borrowed a page from Toyota’s manual and leveraged its production and manufacturing strengths for growth. Hyundai’s CEO put it this way bloomberg:

“We’re on the right track, and we’ve been very strong this year,” said President and Co-CEO Jihoon Chang, 58, in an interview from a library at Hyundai’s headquarters in Seoul last week. “Our supply chain management has been key. We are trying to be flexible and improve and protect production as much as possible despite the chip shortage.”

Hyundai is currently running the largest Automotive assembly plant in the world. Ulsan Hyundai Plant In South Korea, five smaller factories are integrated into the complex and its shipping dock. bloomberg He says the Hyundai conglomerate is involved in the production of steel used in the automotive industry in Ulsan, as well as the steel used in the cargo ships that ferry the company’s cars abroad.

Jack Donaghy He called this vertical integration. Of course, volume and sales figures for 2022 are yet to be fully tallied, but Hyundai is on track to generate 21 percent more revenue than in 2021, or about $108 billion overall; bloomberg He claims that this is the highest average growth rate among major automakers.

This means that Hyundai can easily maintain its place among the three largest automakers, thanks in part to its popularity in North America. The United States, Canada and Mexico accounted for 21 percent of Hyundai’s sales last year, which is significantly more than the 17 percent of its home market in South Korea.

It only took 55 years of Hyundai’s founding to outgrow this company general motorsand the automaker popular in the United States It had a lot to do with his growth.

Hyundai expects this popularity to continue to grow in America — despite the company’s recent accusations Violating labor laws That could change. Except that, the company is betting billions through investments and possible EV factory in the US With the transition to its new electric cars, incl Hyundai Ioniq 5And the Ionic 6 And the Let’s EV6. Hyundai is vying for Ford’s place as the second largest seller of electric vehicles in the United States, behind only Tesla.

The company is also challenging luxury brands such as Mercedes-Benz and BMW origin The brand, which has taken the automaker far from its roots in the field of economy cars. China Automotive companies They’re usually seen as the next challenger to Japanese, European, and American auto giants, but South Korean automakers seem to have been there all along.