Hyundai Motor Company Approaches 100 Million Cumulative Vehicle Sales After 56 Years

Hyundai Motor, Provisional Cumulative Sales of 99.99 Million Units Until August This Year
Global Sales Expected to Reach 100 Million Units Around Chuseok

Hyundai Motor Company is on the verge of surpassing 100 million cumulative global vehicle sales, 56 years after entering the automobile business. Following Hyundai Motor and Kia's combined milestone of 100 million units in 2016, this year Hyundai Motor alone is set to achieve this historic record as a single brand.

According to industry sources on the 5th, Hyundai Motor has sold 99.66 million vehicles globally as of July this year since entering the automobile business in 1968. Of these, 24.36 million units were sold domestically and 75.3 million units overseas. Adding the most recent provisional global sales figure of 330,000 units in August, the cumulative sales as of the end of August this year amount to 99.99 million units. Selling just 10,000 more units in September will push the cumulative sales beyond 100 million. At the current pace, achieving this milestone around the Chuseok holiday is almost certain.

The record of reaching 100 million cumulative sales is a feat Hyundai Motor achieved 56 years after producing the compact sedan ‘Cortina’ at its Ulsan plant in 1968. It is also 48 years since Hyundai Motor began exports in 1976. Brands that have recorded over 100 million cumulative sales in the global automobile market include Volkswagen, General Motors (GM), and Toyota, all boasting histories of over 100 years.

Hyundai Motor’s global cumulative sales surpassed 1 million units in 1986 and barely crossed the 10 million mark ten years later in 1996. Since the 2000s, Hyundai Motor has grown rapidly, reaching 20 million units in 2003 and 50 million units in 2013. In the 2010s, the cycle for achieving milestones of 10 million units shortened progressively. After reaching 60 million units in 2015 and 80 million units in 2019, Hyundai Motor exceeded 90 million units in 2022.

Hyundai Motor’s growth is the result of steady technological development and aggressive expansion into overseas markets. Starting with the establishment of its first overseas subsidiary in Canada in 1983, Hyundai Motor expanded its export routes across Europe and Asia. It has established factories worldwide, including in the United States, China, India, the Czech Republic, Brazil, Vietnam, and Indonesia, achieving an annual production capacity of 3.75 million units (excluding China as of 2023).

In its early overseas ventures, Hyundai Motor faced difficulties due to quality issues. To overcome this, it developed the ‘Alpha Engine’ in 1991, the first domestically developed engine in Korea, and established technology research centers in the United States and Europe, focusing on improving its technological capabilities. As a result, Hyundai Motor began gaining recognition for its technology overseas in the 2000s. In 2002, it ranked joint second with Honda in the Consumer Reports reliability survey, and the Sonata took first place in the mid-size category in the U.S. JD Power performance driving test.

With its technology recognized, Hyundai Motor expanded exports mainly to emerging markets such as China and India. In 2003, it set records of 1 million units and $10 billion in annual exports, with production at its Indian plant exceeding 500,000 units. In the mid-2000s, Hyundai Motor achieved remarkable growth by expanding its market share in China. By 2016, Hyundai Motor was so popular in China that it was selected as the best automobile brand there.

However, after a sharp decline in sales in China, Hyundai Motor shifted its focus to targeting advanced markets in the United States and Europe with sport utility vehicles (SUVs) and eco-friendly cars. Hyundai Motor Group rose from 5th place in global manufacturer sales rankings in 2018 to 3rd place in 2021, and this year it is aiming for 2nd place.

The combined global cumulative sales of Hyundai Motor and Kia reached 159.75 million units as of August this year. If global sales exceed 5 million units this year, Hyundai Motor Group will surpass the 160 million unit milestone.