Toyota Group, World’s No.1 Car Seller... Hyundai Motor Maintains Global Big 3 Status for 3 Consecutive Years

Toyota Down 3.7% to 10.82 Million Units... Volkswagen in Second Place
Hyundai Motor Group Narrows Sales Gap with First and Second Place

Hyundai Motor Group ranked among the global top three automakers for the third consecutive year last year based on sales volume. The sales gap with the first-place Japanese Toyota Group and the second-place German Volkswagen Group narrowed compared to the previous year.

Hyundai Motor Group's Executive Vice Chairman Chung Euisun was appointed chairman on the 14th, marking the full-scale launch of the group's third-generation management system. Hyundai Motor Group, including Hyundai Motor Company and Hyundai Mobis, held an extraordinary board meeting that morning and approved the appointment of the new chairman Chung. Accordingly, Chairman Chung became the undisputed head of the group just 2 years and 1 month after his promotion to executive vice chairman in September 2018, and 7 months after becoming chairman of Hyundai Motor's board in March this year. The photo shows the Hyundai Motor Group headquarters in Seocho-gu, Seoul on the day. Photo by Kim Hyunmin kimhyun81@

On the 30th, Japan's Kyodo News reported that the Toyota Group sold approximately 10.82 million new vehicles worldwide last year. This figure represents a 3.7% decrease from the record high sales of 11.23 million units in 2023. Toyota maintained its position as the global number one in sales volume for the fifth consecutive year, recording sales over one million units more than its competitor Volkswagen Group.

The second place was taken by Volkswagen Group, which sold 9.03 million units, down 2.3% from the previous year, while Hyundai Motor Group ranked third with sales of 7.231 million units. Hyundai Motor Group has held the third position for three consecutive years since first achieving it in 2022.

Notably, Hyundai Motor Group reduced the sales gap with Toyota Group and Volkswagen Group last year. In 2023, the sales gaps between Hyundai Motor Group and Toyota Group and Volkswagen Group were 3.929 million units and 1.936 million units respectively, down from 3.589 million units and 1.799 million units the previous year.

Reuters Yonhap News

While most global automakers saw a decline in sales last year due to economic recession and stagnation in electric vehicle demand, Hyundai Motor Group's smaller sales decline (1.0%) compared to Toyota Group (3.7%) and Volkswagen Group (2.3%) contributed to the narrowing sales gap.

Kyodo News reported that Toyota's sales decline was due to production halts at some factories caused by quality certification issues and intensified competition in the Chinese market. Volkswagen Group's sales decrease was influenced by poor performance in the Chinese market, which accounts for about 30% of its total sales.

Hyundai Motor Group, which entered the top three for the first time in 2022, has solidified its position as a global automaker by maintaining the same ranking for three consecutive years. Starting at 10th place in 2000, Hyundai Motor Group climbed the ranks to enter the 'Top 5' in 2010 by surpassing the American automaker Ford.

Amid fierce competition, Hyundai Motor Group remained in 5th place for many years, rose to 4th place in 2020 during the COVID-19 pandemic, dropped back to 5th in 2021, but climbed two spots to 3rd place in 2022, maintaining this position for three years and establishing itself as part of the big three.