Bloomberg Names Hyundai World’s 3rd-Biggest Carmaker
Data analysis puts South Korean brand’s volume above GM, other big players.
Bloomberg said Hyundai competes with Ford for second place in U.S. electric-vehicle sales after market leader Tesla.
IMAGE: Hyundai
South Korean brand Hyundai is now the third-biggest carmaker in the world, according to Bloomberg analysis, as the company surpassed General Motors, Nissan and Stellantis in annual volumes on its ride to the heights of the industry.
Bloomberg cited Bloomberg Intelligence and data from Hyundai, Toyota and Volkswagen.
The milestone is a long way from the days when Hyundai struggled to make inroads outside Asia in the 1980s. Bloomberg pointed out that the automaker’s Genesis now competes head-on with other luxury brands and with Ford for second place in U.S. electric-vehicle sales after market leader Tesla.
The news service, though, ticked off Hyundai’s struggles: the shuttering of a large factory in Russia and allegations that its suppliers hired under-age workers in Alabama, along with challenges daunting the overall industry, including higher raw material costs, a chip shortage, and, for overseas carmakers, a U.S. tax credit favoring North American-assembled EVs.
Bloomberg said North America is Hyundai’s biggest market, making up 21% of its 2021 sales.
The top two carmakers are Volkswagen and Toyota, which have traded places for 14 years. Fortune, meanwhile, didn’t even include Hyundai in its top five in a ranking it published in August, placing Stellantis in third place.
Originally posted on Auto Dealer Today
More Showroom
Year-to-Date Auto Sales Holding Their Own
A forecast through August shows that automakers have shifted strategies to keep deliveries and revenues up despite tariffs and other economic challenges.
Read More →
Slow to Robo
Ten years of polling consumers shows autonomous vehicles’ profiles have risen considerably, but even more people now want at least some level of control if they go that route.
Read More →
Dealers a Little Down
A third-quarter Cox Automotive survey finds them in a mixed mood, bummed by fallen customer traffic but encouraged by better profits, costs and EV interest.
Read More →
European EV Sales Skyrocket
The EV market on the continent held strong in July with almost 25% of new-car sales being fully electric units, a stark contrast to the U.S., where EV sales declined about 42%.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Used Lots Getting the Business
Many consumers are seeking out the units to save money, and the demand – higher in July than normal – is keeping supply limited and prices up.
Read More →
Used Market Stabilizes
The Carfax Used Car Index noted a major drop in used-vehicle price increases in July after several months of hikes.
Read More →
California Hybrids Reach State Record
The Golden State still leads the country in electric-vehicle registrations, but much like the rest of the U.S. its hybrid market share is up while full electrics stabilize after a dramatic first-quarter dip.
Read More →
My Mercedes in the U.S.
The German brand debuted its studio dealership concept for the first time in the states in Los Angeles, tapping Americans’ penchant for creative distinctions.
Read More →
Used Sales Hit Summer Drag
The vacation season, combined with high prices, has dented deliveries and added to inventories, though supply is still slim enough to keep listings elevated.
Read More →