Divergent
Hyundai Motor Group and Toyota, the largest automakers in South Korea and Japan, respectively, showed contrasting performance during the first half of the year from January to June in key automotive markets. While Toyota managed to maintain its position as the global leader in sales, it experienced a decline in influence in major markets such as the United States and Europe. In stark contrast, Hyundai Motor Group demonstrated a steep growth trend with the highest-ever sales record in advanced car markets.
Upon a comprehensive assessment of the second-quarter results during April and June released by leading global completed vehicle manufacturers on July 31, Toyota sold a total of 5,419,841 vehicles, showing a 5.5 percent increase compared to the same period last year. On the other hand, Hyundai Motor Group achieved a 10.9 percent growth with 3,657,563 units sold, securing the third position after the Volkswagen Group with 4,372,000 units.
While Toyota maintains a significant lead of more than 1.76 million units in global sales compared to Hyundai Motor Group, the situation changes when we examine sales in specific markets.
In the U.S., both Hyundai and Kia attained their highest-ever sales in the first half, boosting their market share. According to the U.S. automotive media outlet Automotive News, Hyundai sold 425,847 units, representing a 15.2 rise, while Kia sold 394,333 units, reflecting an impressive growth of 18.3 percent compared to the previous year. Hyundai Motor Group’s market share in the U.S. rose to 10.6 percent, up by 0.3 percentage point from the same period last year, propelling it to overtake Stellantis with 10.5 percent and secure the fourth position.
During the same period, Toyota’s U.S. sales decreased by 0.7 percent, resulting in a market share of 13.5 percent, 1.8 percentage points lower than the previous year. Among the “Big 4” automakers in the U.S. market, which are GM, Toyota, Ford, and Hyundai Motor Group, Toyota was the only one that faced a sales decline.
In the European market, Hyundai Motor Group outperformed Toyota by selling 575,432 units, reflecting a 3.3 percent increase, compared to Toyota’s 547,655 units, which experienced a modest 2.8 percent growth. Hyundai Motor Group’s sales figure in Europe set a new record for the first half. Despite an 8.6 percent decrease in the combined sales of Hyundai and Kia electric vehicles (EVs) compared to the same period last year, their sales of 10,240 units significantly surpassed Toyota’s sales, which remained below 10,000 units (7,554 units) for the entire previous year.
Lee Hang-gu, director of the Jeonbuk Institute of Automotive Convergence Technology, said, “Hyundai Motor Group, taking the lead in the transition to electric vehicles, is demonstrating a more substantial expansion potential in the global core automotive market, particularly with pure electric vehicles. In terms of profitability, Hyundai and Kia surpassed Toyota with 7.5 percent with remarkable growth rates of 10.0 percent and 13.0 percent, respectively, in the first quarter from January to March, displaying substantial growth in the first half and outperforming Toyota.”