Hyundai Motor Group has achieved a significant milestone by surpassing Volkswagen Group in operating profit for the first quarter of 2024. This marks the first time the South Korean automaker has overtaken the German giant, attributing its success to a diverse range of offerings that includes electric vehicles (EVs), plug-in hybrids, and gas-powered cars.
In Q1 2024, Hyundai Motor Group reported an operating profit of $5.09 billion, edging out Volkswagen Group, which reported $4.94 billion. While Toyota Group remains the global industry leader with an operating profit of $7.15 billion, Hyundai’s achievement is notable as it secures the second-highest operating profit in the automotive industry.
The success of Hyundai Motor Group, which comprises the Hyundai Motor, Kia, and Genesis brands, is attributed to its comprehensive vehicle portfolio. Professor Kim Pil-soo from Daelim University College highlighted this, stating, “Hyundai Motor Group’s core strength lies in its complete vehicle portfolio—ranging from cars with internal combustion engines, EVs, and even hydrogen-powered cars.”
In the United States, Hyundai and Kia EVs were the second-best-selling cars in 2023, following Tesla. The Group’s Kia EV9 electric vehicle has also garnered acclaim for its design and technology, winning multiple awards.
Despite the growth in EV sales, Hyundai Motor Group has faced challenges due to the slowdown in the EV market. To adapt, the Group has decided to produce hybrids at its upcoming Metaplant in Georgia, which was originally intended for exclusive EV production.
Hyundai’s ability to mass-produce various vehicle segments at a high level sets it apart as a global carmaker. Its technological advancements in EVs are particularly noteworthy, contributing to its strong performance and competitive edge in the automotive market.
