Hyundai entered the ranks of the world's top 10 biggest carmakers as the No. 10 in 2000 and became the No. 5 in 2010, beating American car company Ford. The South Korean carmaker diversified its car lineup to match the preferences of global consumers while releasing reliable electric vehicles (EVs).
The company also launched its premium Genesis lineup as a separate luxury brand in 2015 targeting the world's premium car market. Hyundai Motor, Genesis and Kia, the brother company of Hyundai, were selected as the topped J.D. Power 2022 U.S. Tech Experience Index (TXI) StudySM for the recognition of the car maker's high level of advanced technologies.
While other carmakers like Toyota, Volkswagen Renault–Nissan–Mitsubishi Alliance experienced a decline in car production in 2022 due to the global shortage of semiconductor chips, Hyundai was the only company that saw an increase among the top 5 carmakers in the world. The South Korean auto group sold 6,845,000 units, up 2.7 percent from a year ago. Hyundai also recorded the highest-ever market shares in the North American market (10.8 percent) and European market (9.4 percent) in 2022.
Hyundai is also accelerating its growth in the Southeast Asian market. The company has established a car factory in Indonesia as a bridgehead into the market. According to the Indonesian Automobile Industry Data released by the Association of Indonesia Automotive Industries (GAIKINDO) on March 15, 213 of Hyundai's electric sport utility vehicle (SUV) IONIQ 5 was sold in February, accounting up to 55 percent of EV sales in Indonesia. The data showed that some four thousand customers are waiting for their Hyundai EVs to be released.
On March 13, the Indian subsidiary of Hyundai announced that the company is pushing to acquire a foreign car factory in India for the first time since entering the Indian market in 1996. The company aims to increase its annual production to around 900,000 units and surpass the current leader Maruti Suzuki to take the top spot in the world's fourth-largest car market.
According to data released by Statista, a global market analyst firm, India's automobile market is rapidly growing at an annual average growth rate of about 3 percent and is projected to reach $25.5 billion by 2027. The top player in the Indian car market is Maruti Suzuki with about 46 percent market share in 2022. Hyundai is the No. 2 player with about 14 percent market share.
Hyundai said that the company has signed a term sheet regarding the acquisition of a GM car factory in Maharashtra. A term sheet is a legally-bound agreement document that outlines the material terms and conditions of a potential business agreement.
Hyundai, which made a foray into the Indian car market in 1996, established a factory in Chennai in 1998 and its second factory in 2008. The annual production capacity of Hyundai's Indian subsidiary is about 760,000 units, of which about 150,000 units are exported.
© Aju Business Daily & www.ajunews.com Copyright: All materials on this site may not be reproduced, distributed, transmitted, displayed, published or broadcast without the authorization from the Aju News Corporation.