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TUESDAY, September 26, 2023

Hyundai ranks 3rd worldwide in car sales in 1H 2022

Hyundai ranks 3rd worldwide in car sales in 1H 2022
MONDAY, August 15, 2022

Hyundai Motor Group said on Monday that it ranked third globally in car sales in the first half of this year – a first for South Korea’s largest carmaker.

According to its sales data, Hyundai Motor Co, its luxury Genesis brand and its smaller affiliate Kia Corp sold a total of 3.299 million vehicles globally from January to June this year.

The sales figure is the third-largest after Toyota Motor Group’s 5.138 million units and Volkswagen Group’s 4.006 million units.

Hyundai’s ranking jumped from No 5 a year ago, outpacing the Renault-Nissan-Mitsubishi Alliance and Stellantis Group which sold 3.14 million units and 3.019 million units in the first half, respectively.

While its global rivals were hit hard by chip shortages, Hyundai is said to have pulled through the crisis as it was able to secure enough chip supplies.

Adding to that, the robust sales of its luxury Genesis cars and new electric vehicle launches also helped drive overall sales.

Genesis sold a total of 25,668 units in the US alone during the first six months, the brand’s best-ever sales in the all-important market.

Its EV models, including Hyundai Ioniq 5 and Kia EV6, performed well. Hyundai became the second-largest EV maker in the US with 27,000 units sold in the January-May period after Tesla, the world’s bestselling EV brand.

Despite its stellar performance, Hyundai’s first-half sales dropped 5.1 per cent compared to a year ago, possibly due to supply chain disruptions and weaker consumer demands.

Still, the drop was less severe considering its bigger rivals. Toyota and Volkswagen saw 6 per cent and 14 per cent drops in sales during the same period. The Renault-Nissan alliance and GM also suffered 17.3 per cent and 18.6 per cent on-year losses in sales.

Hong Yoo

The Korea Herald

Asia News Network

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Hyundai ranks 3rd worldwide in car sales in 1H 2022