Hyundai Motor Company has become the world’s third-largest carmaker. The South-Korean automaker overtook US automakers General Motors (GM) and Stellantis as the third-largest automaker by production and sales volume.
With this, Hyundai trails only Toyota of Japan and Volkswagen of Germany. There are no American automakers in the top three for the first time in years. For a long time, GM or Ford remained in the top 3.
In 2021, Hyundai sold nearly 6.6 million automobiles worldwide, whereas Toyota sold 10.5 million cars and Volkswagen sold 8.9 million.
In 2021, 21 percent of the Korean automaker’s sales came from North American countries like USA, Canada, and Mexico. North America is the world’s largest vehicle market, accounting for approximately 17% of worldwide sales.
Presence in Pakistan
Hyundai, with the launch of the third-generation (Gen-3) Tucson, returned to Pakistan in 2020 in partnership with Nishat group. However, the company still caters to a niche audience with all cars priced well over Rs. 5 million. Hence, its market share remains limited.
Hyundai keeps a tight lid on its matters pertaining to new launches and future plans. Therefore, with the ongoing production and sales slump, its fate remains a mystery.
