In a notable shift, Hyundai Motor Group has outpaced Volkswagen Group in operating profit for the first quarter of 2024. The South Korean automotive giant attributes this achievement to its diverse vehicle offerings, including electric vehicles (EVs), plug-in hybrids, and traditional gasoline-powered cars.
As of Q1 2024, Hyundai secures the second-highest operating profit globally, surpassing Volkswagen, which has long held the second spot. Hyundai Motor Group reported an operating profit of $5.09 billion, edging slightly ahead of Volkswagen’s $4.94 billion. Toyota Group maintains its industry leadership with an operating profit of $7.15 billion in the same period.
The success of Hyundai Motor Group, comprising Hyundai Motor, Kia, and Genesis brands, is attributed to its comprehensive vehicle portfolio. This includes vehicles spanning internal combustion engines, EVs, and even hydrogen-powered cars, positioning it uniquely in the global market.
Professor Kim Pil-soo from Daelim University College highlighted Hyundai’s prowess in EV technology, which remains unmatched. Notably, Hyundai and Kia EVs ranked as the second-best-selling cars in the United States after Tesla in 2023. The Group’s Kia EV9 received accolades for its design and technological innovations.
Despite robust EV sales growth, Hyundai Motor Group has felt the effects of the overall EV market slowdown. Consequently, the Group plans to produce hybrids at its upcoming Metaplant in Georgia, initially designated for exclusive EV production.