Hyundai Motor Group cements position as world’s No. 3 automaker

[Photo by Kim Jae-hoon]

South Korea’s Hyundai Motor Group has solidified its position as the world’s No. 3 carmaker in terms of sales volume in 2023, marking the second straight year of such achievement.

According to data compiled by Maeil Business Newspaper on Sunday, the combined sales of Hyundai Motor Co., Kia Corp., and Genesis totaled 7.3 million units in 2023, placing Hyundai Motor Group in the global top 3, following Toyota Group (11.2 million units) and Volkswagen Group (9.2 million units).

Since entering the top 10 in 2000, Hyundai Motor Group rapidly climbed the sales rankings.

In 2010, it surpassed U.S.-based Ford Motor Co., securing the fifth position. From 2021 onwards, the group engaged in an annual competition for the third spot with U.S.-based General Motors Co., Stellantis Group, and Renault-Nissan-Mitsubishi Alliance, all hovering around the 6 million annual sales mark.

In 2022, Hyundai Motor Group achieved a historic milestone by claiming the third position for the first time, surpassing 7 million units in sales.

Hyundai Motor Group’s car sales grew by 6.7 percent on year in 2023 while those of Toyota Group increased by 7.2 percent and Volkswagen Group 11.8 percent.

The gap widened between the top 3 and the 4th to 6th positions, with the Renault-Nissan-Mitsubishi Alliance, GM Group, and Stellantis Group experiencing growth rates below 5 percent.

Hyundai Motor Group has set a sales target of 74.43 million units for 2024. It also aims to address challenges in the global full electric vehicle market to secure its position as the second-largest player.

The sector was primarily led by U.S. and Chinese companies last year, with Tesla securing the top spot by selling 1.8 million units.