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THE INVESTOR
March 02, 2024

Market Now

Hyundai Motor nears 100m sales milestone

  • PUBLISHED :February 13, 2024 - 09:50
  • UPDATED :February 13, 2024 - 09:50
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(Getty Images Bank)

Hyundai Motor Group is highly likely to surpass the 100-million-vehicle sales mark this year, 56 years after it started selling cars in Korea in 1968.

According to the carmaker on Monday, it has sold close to 97 million vehicles around the world as of last year. Of these, about 24 million were sold in Korea's domestic market, accounting for approximately 25 percent of total sales, while the remaining 73 million, or 75 percent, were sold internationally. To achieve the 100 million milestone, Hyundai requires the sale of about 3 million additional units.

Given its annual sales target of slightly over 4.2 million units, surpassing the 100 million mark within the year appears likely. Hyundai's sales goal, which aims for an average monthly sales rate of 353,000, suggests the company could reach this target by September, especially considering the 316,000 units already sold globally in January.

Hyundai's journey to this point began with its entry into the automotive market in 1968, followed by its expansion into international markets in 1976. The company's growth has been marked by several milestones, reaching 1 million in sales by 1986, which rose to 10 million by 1996, 50 million by 2013, and soaring past 90 million by 2022.

Among Hyundai's product lineup, the Avante, known as the Elantra in international markets, stands out as the company's best-selling model, with cumulative sales exceeding 15 million units. This model leads Hyundai's portfolio, followed by other popular models like the Accent, the Sonata, the Tucson and the Santa Fe.

Hyundai's global automotive industry ranking has improved significantly over the years. The company was ranked 10th in 2000 and broke into the top five by surpassing Ford in 2010. Despite dropping to fifth place in 2021, Hyundai made a strong comeback in 2022 as the world’s third-largest automaker. It managed to secure the third spot last year.

Japan’s Toyota, the world’s largest carmaker by unit sales, reached the same 100 million milestone in 1997, 59 years since its founding in 1937.

By Moon Joon-hyun (mjh@heraldcorp.com)

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