Hyundai becomes the world's third-largest automaker

Hyundai is also said to be vying to take over Ford's spot as the second-largest EV brand in the USA, behind only Tesla.

Hyundai has now become the world's third-largest automaker by volume, trailing behind only Toyota and Volkswagen. The South Korean automaker beat the likes of General Motors & Stellantis for the first time since it was founded 55 years back.

While the company's growth stalled in 2020, Hyundai came back strong in 2021 when its production & sales saw a significant increase. It registered sales of 6.6 million cars worldwide, with Volkswagen selling 8.9 million and Toyota with 10.5 million units of sales.

Although Hyundai is still far from its rival Toyota, the Korean carmaker is on track to improve its sales even further in 2022. While this year's sales are yet to be tallied, reports state that Hyundai is on track to make 21 per cent more revenue than it did in 2021 - the highest average growth rate among major automakers.

The growth of Hyundai can also be attributed to its rising popularity in North America. The USA, Canada & Mexican markets accounted for 21 per cent of the total sales for Hyundai last year, which is higher than its home market, which accounted for 17 per cent.

Reports suggest that this popularity is said to rise further. Hyundai is currently looking to invest billions, as the company plans to build a new EV plant in the US. The South Korean automaker is also said to be vying to take over Ford's spot as the second-largest EV brand in the USA, behind only Tesla.

The company also rivals the more premium/luxury brands such as BMW, Audi & Mercedes-Benz with its Genesis models.

Source: Bloomberg