According to Hyundai, as of November 2024, the company's vehicle sales in the US reached 1.55 million units, accounting for 23.3% of the global market. globally, Hyundai sold a total of 6.66 million vehicles in the same period. This is the first time since 1988 that the company's vehicle sales in the US accounted for more than 23% of the group's total sales.
In the 1990s 2000s, this ratio only fluctuated around 10%. However, by 2021, impressive growth was recorded with Hyundai's market share in the US reaching 22.3%.
Hyundai Group is also on track to set a new record for annual sales in the US. With current sales, the group expects to surpass the 2023 record with sales reaching more than 1.7 million vehicles.
Thanks to strong growth in sales in the US, Hyundai Group is narrowing the sales gap with Volkswagen Group - the world's second largest automaker.
According to data from MarkLines - an auto market research company, Hyundai's global sales in the first 9 months of 2024 reached 4.95 million vehicles. In the same period, Volkswagen Group sold 6.17 million units (about 24%) more than Hyundai Group.
However, in 2023, the German automaker achieved annual sales of about 9.23 million vehicles, up to 26% higher than Hyundai's 7.3 million vehicles. If calculated according to the current trend, experts predict that Hyundai can rise to 2nd place in the world in terms of sales in the next few years when focusing strongly on the US market.
Meanwhile, Volkswagen is having trouble in China. Volkswagen's accumulated sales in China fell by 10.2% in the first 9 months of 2024. Due to slow development in China, Volkswagen's operating profit in the third quarter decreased by 60% compared to the same period in 2023.
