Hyundai Motor Co., which is based in South Korea, has become the third largest automobile manufacturer in the world. While Toyota Motor Corp. and Volkswagen AG compete annually for the top spot in the global automobile industry, Hyundai has quietly slipped in behind them, surpassing General Motors Co., Nissan Motor Co., and Stellantis NV in terms of annual production volumes.
Hyundai’s Seoul headquarters, led by President and Co-Chief Executive Officer Jaehoon Chang, said that they are on the right track, and will be very strong in 2022. Jaehoon Chang added that their production network had been vital, and despite of the chip shortage, they are trying to be adapt, optimize, and protect production at the best possible extent.
Hyundai’s strong manufacturing base in South Korea is the foundation of the company’s global presence. It runs the largest assembly plant in the world. The facility can produce 1.4 million vehicles per year. Everything from the automobile shipping vessels to the steel used is part of the same company, which was started by Euisun Chung, the other CEO and executive chair of Hyundai Motor.
However, bigger problems come with consequences, such as the shutdown of a large factory in Russia and new US legislation that can affect electric subsidies. In addition, Hyundai also faces increased costs for the raw materials, chip shortage, and allegations that the suppliers of the company in Alabama have hired minors. In 2021, North America has accounted for 21 percent of the total automobile sales, which makes largest single market of the company. However, only 17 percent of the company’s total revenue came from its home market.
Although Hyundai was established 55 years ago as a manufacturer of low-priced automobiles for its domestic market, its serious international expansion only began in the 1980s. Hyundai’s Genesis is competing with other luxury car brands for second place in US electric vehicle sales this year, behind Tesla Inc., after decades of working to shed its image as an upstart.
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