Hyundai Sees Electric Cars As The Key To Beating Volkswagen And Toyota

Hyundai Motor Company, which consists of the Hyundai, Kia, and Genesis brands, is now the world’s third-largest automaker and it intends to utilize its strong position to take on Toyota and the Volkswagen Group, the number one and two biggest carmakers, respectively.

Speaking to Bloomberg, Hyundai president and co-chief executive Jaehoon Chang said that “We’re on the right track, and this year we were very strong. Our supply chain management was key. We’re trying to be flexible, and optimize and protect production as much as we can in spite of the chip shortage.”

Last year, HMC sold a total of 6.6 million vehicles, directly behind Toyota (10.5 million vehicles) and Volkswagen (8.9 million). For 2022, Hyundai’s revenue is on track to increase by an impressive 21% for a grand total of around $108 billion.