Renault and comrades are now content with fourth place.
Business Korea reports that at the end of last year, 7.34 million Hyundai, Kia and Genesis cars belonging to the South Korean concern Hyundai Motor were sold worldwide. This allowed it to remain in third place in the ranking of the world’s largest automakers for the second year in a row. In fourth place by a small margin is the Renault-Nissan-Mitsubishi alliance, which three years ago was considered the third largest automaker in the world.
Image Source: Hyundai
The Japanese Toyota Motor has occupied the first position for many years now, while the European auto giant Volkswagen Group, which lost to it, is content with second place. By the way, in terms of the growth rate of car deliveries, it was Volkswagen that showed the best result last year (11.8%), but Toyota limited itself to growth of 7.2%. Korean Hyundai Motor even increased its car supply volumes by only 6.7%, and this could become a serious problem for further maintaining third place. The launch of Hyundai’s auto assembly plant in Georgia this October will allow the company’s brands to gain a foothold in the American electric vehicle market in the face of requirements for the localization of their production. A new electric vehicle production plant will also be launched in South Korea. The company will focus on selling crossovers and hybrids on a global scale – this will increase profit margins in conditions of limited demand for cars in general.