The third-largest volume automobile manufacturer in the world is now the Korean automaker Hyundai. Toyota is at the top of the list of top automakers, followed by Volkswagen at number two. For the first time since it was established on December 29, 1967, the South Korean brand has succeeded in outperforming competitors like General Motors and Stellantis.
According to Hyundai, production and sales will significantly increase in 2021. The firm sold 6.6 million vehicles globally, but Toyota outsold all other automakers in 2021 with 10.5 million sales. Volkswagen, the second-largest automaker, reported global sales of 8.9 million vehicles in 2021.
The South Korean automaker is on track to boost sales even more in 2022. According to reports, Hyundai is predicted to generate 21% more income than it did in 2021. It has the highest global major automakers’ average growth rate.
In North America, Hyundai has experienced amazing growth and popularity. According to the estimate, the USA, Canada, and Mexican markets would account for 21% of Hyundai Motor Company’s overall sales in 2021. Hyundai’s sales in North America are far larger than those in its native country, which accounted for 17% of total sales.
The Korean carmaker wants to increase sales even further in North America. The corporation wants to invest billions in establishing a new EV manufacturing facility in the US. In addition, Hyundai wants to surpass Ford in the USA to overtake GM as the second-largest EV producer. Tesla is currently the best-selling EV brand in the USA. To compete with luxury automakers like BMW, Audi, and Mercedes-Benz, Hyundai is also working to increase sales of its Genesis line of high-end vehicles.
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