Hyundai Motor Group's sales volume has ranked third in the world for two consecutive years
According to automotive industry sources, Hyundai Motor Group, which owns brands such as Hyundai Motor, Kia Motors, and Genesis, will sell a total of 7.34 million vehicles globally in 2023, ranking third in the world. This marks the second year in a row that the group has been among the Big Three.
Hyundai Motors
The Toyota Group, which owns brands such as Toyota and Lexus, is in first place, followed by the Volkswagen Group in second place. Hyundai Motor Group is followed by the Renault-Nissan-Mitsubishi Alliance, which consists of France's Renault, Japan's Nissan, and Mitsubishi. Hyundai Motor Group has widened the gap to fourth place, consolidating its position as one of the world's Big Three, Zhichepai has learned.
Industry insiders believe that Hyundai Motor Group needs more quantitative growth to become one of the top two in the world. In 2023, the South Korean automotive group recorded a sales growth rate of 6.7%. It is behind Toyota in first place (7.2%) and Volkswagen in second place (11.8%). The slight gap from fourth place is also seen as the reason why Hyundai Motor Group needs to further increase sales.
Kia Motors
However, these industry insiders are more optimistic about Hyundai Motor Group's future growth prospects. Hyundai Motor Group plans to boost volume growth by completing an electric vehicle plant in Georgia, USA. In addition, profitability will be concentrated on SUVs and hybrid models. Hyundai Motor Group aims to achieve high profitability by increasing its average selling price (ASP) while expanding its global business portfolio centered on eco-friendly and high value-added vehicles.
"Due to the cyclical nature of the automotive industry, competition will inevitably intensify as demand slows," said Nam Joo-shin, a researcher at Kyobo Securities. "However, we expect Hyundai's business environment to be better than its main global competitor in 2024 due to improved price mix and exchange rates. ”