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.
During the 1990s and 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 annual sales record in the U.S. With current sales, the group is expected to surpass its 2023 record with sales of more than 1.7 million vehicles.
Thanks to strong sales growth 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 firm, Hyundai's global sales in the first nine months of 2024 reached 4.95 million vehicles. In the same period, Volkswagen Group sold 6.17 million vehicles (about 24% higher than Hyundai Group).
However, by 2023, the German automaker will have annual sales of around 9.23 million vehicles, up to 26% higher than Hyundai's 7.3 million. If current trends are taken into account, experts predict that Hyundai could rise to the second position in the world in terms of sales in the next few years as it focuses heavily on the US market.
Meanwhile, Volkswagen is struggling in China. Volkswagen's cumulative sales in China fell by 10.2% in the first nine months of 2024. Due to the slowdown in China, Volkswagen's operating profit in the third quarter fell by 60% compared to the same period in 2023.
