Hyundai becomes 3rd Largest Automaker in the World

Hyundai, an automaker with its headquarters in Seoul, is currently the third-largest automobile producer in the world. If the company's strong sales results continue, Toyota, which is only one rung above it, may soon be deposed. The South Korean company anticipates introducing more electric vehicles to the market in the upcoming years given the widespread popularity of EVs. Hyundai's excellent manufacturing this year has helped them gradually take over the EV market. Globally, a number of automakers are currently concentrating on all-electric vehicles. The problem is that once Tesla and other EV manufacturers began creating their own brands of gas-free vehicles, this has started to become a trend. [caption id="" align="aligncenter" width="2000"] Image credit- The Japan Times[/caption] In a recent interview with Bloomberg, Hyundai's co-CEO Jaehoon Chang said that the business will produce more EVs in 2022 than three well-known manufacturers, including GM, Stellantis, and Nissan. The corporation took advantage of the circumstance by managing its supply chain effectively all year long despite the continuous semiconductor issue. People look up market trends as the demand for electric vehicles rises. As a result, Hyundai has kept up with the newest models by introducing the Kia EV6 and IONIQ 5. Hyundai has currently been successful in its EV sales effort in North America as seen by its 21% annual growth in sales. It is anticipated that the continent will continue to be a hub for EV manufacturers over the next years, particularly now that the US government has passed the Inflation Reduction Act. Hyundai wants to build 1.87 million vehicles by 2030 in order to maintain its high output. That is almost 7% of the worldwide market share overall. [caption id="" align="aligncenter" width="1920"] Image credit -Autonexa[/caption] Is Hyundai Prepared to Dethrone Toyota in the EV Sales? According to a report, Hyundai's yearly sales had increased by 1.2%. All of this can be attributable to the recently announced EV models, which have a very high level of consumer demand. For instance, according to the reports, sales of the company's IONIQ 5 doubled this year after it sold more than 88,000 units in just 11 months beginning in January 2022. Hyundai teased its followers after releasing a new KONA design for EVs as part of its impending introduction. The corporation is expected to continue to experience growing revenues, which might reach 141.7 trillion won ($108 billion) in the future. Even if Toyota is the largest carmaker in the world right now, that does not guarantee that it will remain in that position. To fill up the gaps in its EV business, it must also evaluate its manufacturing and sales.