Korean automaker Hyundai has become the world’s third-largest carmaker by volume. Toyota continues to top the list of top car makers, followed by Volkswagen. The South Korean brand has beaten General Motors and Stellantis for the first time since it was established on 29 December 1967.
Hyundai registered excellent growth in production and sales in 2021. The company sold 6.6 million cars worldwide, while Toyota sold 10.5 million units in 2021 to regain the top spot. On the other hand, Volkswagen, the second largest carmaker, recorded worldwide sales of 8.9 million cars in 2021.
The South Korean automaker is well on its way to increasing sales in 2022. According to information received, Hyundai is predicted to generate income that is 21% higher than in 2021. Among big automakers worldwide, this has the highest growth rate. Hyundai has had phenomenal expansion in North America throughout this time. According to the report, the US, Canada, and Mexican markets accounted for 21% of Hyundai Motor Company’s overall sales in 2021. Sales in North America for Hyundai are substantially greater than those in its domestic market, which was 17%.
The Korean automaker is targeting to improve sales in North America further. The company aims to invest billions as it plans to build a new EV plant in the US. Adding to this, Hyundai is also targeting to overtake Ford to become the second-largest EV maker in the United States of America.