This file photo, provided by Hyundai Motor Group, shows Hyundai Motor Co.’s and Kia Corp.’s headquarters buildings in Yangjae, southern Seoul.
SEOUL, May 1 (Korea Bizwire) — South Korea’s top automaker Hyundai Motor Group could become the world’s No. 1 carmaker in terms of sales volume within a few years, a local brokerage house said Sunday.
Samsung Securities Co. predicted in its latest report that the group would rise from third place last year to first place in 2026 among global carmakers, with an estimated annual sales volume of 92 million units.
Volkswagen Group and Toyota currently hold the first and second positions, respectively, in the Chinese market, which accounts for a significant portion of their overall sales.
If they fail to catch up with China’s rapid transition to electric vehicles, their sales in China could fall to 1.2 million and 1.7 million units, respectively, by 2026, which is equivalent to half of their current sales.
On the other hand, Hyundai Motor Group’s exposure to the Chinese market is significantly lower than that of the other two companies.
The group’s output in the US and India is expected to increase to 1.6 million units, according to Samsung Securities.
Industry experts believe that given the more than 3.6 million-unit sales gap between Hyundai Motor Group and Toyota, which ranked first last year, it would not be easy for Hyundai to overtake Toyota in the next four years.
However, some experts noted that Hyundai Motor Co. and Kia Corp. had the industry’s lowest unit cost last year, making it possible for them to achieve the top position in qualitative aspects such as operating profit and operating profit to sales ratio.
Kevin Lee (kevinlee@koreabizwire.com)
