Hyundai targets VW and Toyota as sales and earnings grow | Jobs Reply


Hyundai Motor Company is set to grow revenue by 21 percent this year

by Brad Anderson

1 hour ago

    Hyundai targets VW and Toyota as sales and earnings grow

by Brad Anderson

Hyundai Motor Company has established itself as the world’s third largest car manufacturer and has bold ambitions for an electrified future.

In 2021, the South Korean automaker sold 6.6 million vehicles, surpassing Toyota with 10.5 million sales and Volkswagen Group with 8.9 million sales. This year has been a productive one for the company, despite ongoing supply chain issues and production suspension at a major factory in Russia.

“We are on the right track, and we have been very strong this year,” said Hyundai President and Co-Chief Executive Jahun Chang. Bloomberg In a recent interview. “Our supply chain management was key. We are trying to be flexible, and optimize and protect production as much as possible despite the chip shortage.”

    Hyundai targets VW and Toyota as sales and earnings grow

It’s not just strong sales that have established Hyundai as an industry powerhouse. Revenue is expected to rise 21 percent to 141.7 trillion won ($108 billion) this year, the highest growth rate among all major automakers.

Read: US may try and help South Korean carmakers with deflationary law

A key factor behind Hyundai’s growing success is its ambitious electrification plan. Not only has it released the Hyundai Ioniq 5, Kia EV6, and Genesis GV60 to critical acclaim in the past 2 years, it plans to launch 31 electric vehicles by 2030 across all its brands. Chang said the company is on track to sell 1.87 million EVs per year by 2030, enough to claim 11 percent of the U.S. market and 7 percent of the global market. Its EV success comes at a time when Toyota continues to develop hybrid and hydrogen cars while VW struggles to keep its EV promises.

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    Hyundai targets VW and Toyota as sales and earnings grow

It’s not all sunshine and rainbows for Hyundai, nor are its electric car goals. Implementation of the U.S. Inflation Reduction Act requiring EVs to be assembled in North America could hurt the company’s sales while it continues to build a $5.5 billion EV and battery facility in Georgia. Bloomberg Note that Hyundai is trying to get some concessions from the South Korean government as well as the United States

Hyundai is also yet to decide the future of its massive factory in St. Petersburg, and Chang admitted it needs to “sharpen” its edge in China to reposition itself as a more advanced brand. It is also investigating allegations that two suppliers were employing minors at plants in Alabama.

    Hyundai targets VW and Toyota as sales and earnings grow



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