Hyundai Motor Group Hits Record U.S. Sales, Driving Global Success | Be Korea-savvy

Hyundai Motor Group Hits Record U.S. Sales, Driving Global Success


This photo provided by the Incheon Port Authority on March 18, 2024, shows newly manufactured automobiles waiting to be shipped overseas.  (Image courtesy of Yonhap)

This photo provided by the Incheon Port Authority on March 18, 2024, shows newly manufactured automobiles waiting to be shipped overseas. (Image courtesy of Yonhap)

SEOUL, Dec. 8 (Korea Bizwire) – Hyundai Motor Group revealed that one in four of its cars sold this year was purchased in the United States, marking a significant milestone in the automaker’s history.

Between January and November, Hyundai and Kia sold 1.55 million vehicles in the U.S., accounting for 25.1% of the group’s global sales of 6.16 million units. This is the highest U.S. sales share for Hyundai since 1988.

The automaker’s success in the U.S. is not just about focusing on the American market but reflects its broader growth in both quantity and quality globally. Hyundai’s U.S. sales have steadily risen from 1.22 million units in 2020 to a record 1.65 million in 2023, with 2024 on track to surpass this with an estimated 1.69 million units by year-end.

Hyundai’s premium and eco-friendly vehicles have played a crucial role in this growth, with SUVs and electric cars boosting profitability. In November alone, 23.1% of Hyundai and Kia’s U.S. sales were eco-friendly vehicles, while luxury brand Genesis recorded its highest-ever sales of 8,003 units.

This photo provided by Hyundai Motor Group shows an electric vehicle production line at Hyundai Motor Group Global Innovation Center Singapore. (Image courtesy of Yonhap)

This photo provided by Hyundai Motor Group shows an electric vehicle production line at Hyundai Motor Group Global Innovation Center Singapore. (Image courtesy of Yonhap)

This robust performance positions Hyundai as a contender for second place globally in profitability, trailing only Toyota. As of the third quarter, Hyundai’s operating profit reached $15.8 billion, surpassing Volkswagen.

Experts highlight the strategic advantage of the U.S. market amid geopolitical uncertainties in China and Russia, noting the market’s stability and high profitability. However, analysts also caution that further expansion in the U.S. may face limits, urging Hyundai to diversify into emerging markets like India, Southeast Asia, and South America to sustain growth.

Hyundai Motor Group’s strategic alignment with global market conditions underscores its ascent as a key player in the automotive industry, with its eye set on both profitability and innovation.

Kevin Lee (kevinlee@koreabizwire.com)

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