Hyundai, a Seoul-based automaker, is now the third-largest car manufacturer in the world. If the good sales performance of the company will continue, it might soon dethrone Toyota which is only one rank above it.
With the popularity of electric vehicles all over the place, the South Korean firm expects to bring more EVs to the industry in the next few years to come.
Hyundai is Moving Forward With EVs
(Photo : Duncan Winslow from Unsplash)
Hyundai is slowly dominating the EV industry this year with its impressive production.
Several car manufacturers around the globe are now focusing on all-electric cars. The thing is, this has become a trend after Tesla and other EV makers started establishing their own branding of gasless cars.
In an interview with Bloomberg last week, Hyundai's co-CEO Jaehoon Chang said that the company has now surpassed three prominent automakers including GM, Stellantis, and Nissan when it comes to EV production in 2022.
Amid the ongoing semiconductor crisis, the company took advantage of the situation by efficiently managing its supply chain throughout the year.
With the increasing demand for EVs, people search what's trending in the market. As such, Hyundai has kept up with the latest models by releasing Kia EV6 and IONIQ 5 in the market.
At the moment, Hyundai succeeded in its EV sales campaign in North America after it posted 21% total sales over the past year.
In the next few years, it is expected that the continent will remain as a hotspot for EV makers especially after the US government passed the Inflation Reduction Act.
To continue its strong production, Hyundai aims to produce around 1.87 million models by 2030. That's equivalent to nearly 7% of the total market share globally.
Related Article: Hyundai Introduces EV Home Charging Ecosystem in Partnership With Electrum
Is Hyundai Ready to Oust Toyota in EV Sales?
In another story by Electrek, Hyundai has posted a 1.2% increase in its yearly sales. This is all attributed to the newly-released EV models which come with a very high demand from the consumers.
For instance, the company's IONIQ 5 saw a double increase this year after it sold more than 88,000 units in just 11 months starting January 2022, per Electrek.
As part of its upcoming launch, Hyundai teased its fans after it released a new KONA design for EVs.
It is projected that the company will continue to enjoy its increasing revenue which could potentially hit 141.7 trillion won or $108 billion.
While Toyota is currently the largest automaker in the world, it does not mean that it would stay in its original ranking. It also needs to assess its production and sales to improve what's lacking in its EV business.
The Japanese automaker highlights that having a dedicated platform for electric cars is important, just like what Tesla did in the industry.
Meanwhile, Hyundai's auto parts unit Hyundai Mobis is slated to go green in the next two decades. By 2040, the department is headed to promote the use of renewable energy in all of its plants as part of the "Green Transformation to 2045 Net-Zero" campaign, according to Korea JoongAng Daily.
