Hyundai Motor Group surpassed Volkswagen Group’s operating profit for the first time in Q1 2024. The South Korean automaker attributes its success to diverse offerings, including electric vehicles, plug-in hybrids, and gas-powered cars.
As of the first quarter, Hyundai has the second-highest operating profit in the global automotive industry. The Asian car manufacturer beat Volkswagen, which has held second place for some time.
In Q1 2024, Hyundai Motor Group reported an operating profit of $5.09 billion. Meanwhile, the German automaker reported an operating profit of $4.94 billion, slightly below Hyundai. Toyota Group remains the global auto industry leader, with an operating profit of $7.15 billion in the first quarter.
Hyundai Motor Group, which includes the Hyundai Motor, Kia, and Genesis brands, believes its success in the first quarter is due to its diversified vehicle lineup.
“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.
“Hyundai Motor Group is de facto the only global carmaker that can mass-produce all of the vehicle segments at a decent level. In particular, Hyundai Motor’s technological prowess in EVs remains unmatched,” Professor Kim Pil-soo, from Daelim University College, told The Korea Times.
In 2023, Hyundai and Kia EVs were the second-best-selling cars in the United States after Tesla. The Group’s Kia EV9 electric vehicle has won multiple awards for its design and technology.
While the South Korean automaker’s EV sales have substantially grown over the years, Hyundai Motor Group has still been affected by the EV market’s slowdown. As a result, the Group decided to produce hybrids at its upcoming Metaplant in Georgia, originally designed for exclusive EV production.
If you have any tips, contact me at maria@teslarati.com or via X @Writer_01001101.
