- 100 million units, 56 years after launching in 1968
- Hyundai's best-selling midsize sedan, the Avante
- Hyundai and Kia sales performance
Fifty-six years after the launch of the compact sedan Cortina in 1968, the company is on the verge of surpassing the 100 million mark.
Hyundai Motor Company on Wednesday announced that it expects to surpass 100 million units in cumulative sales in 2024, according to its latest annual sales figures. This will be 56 years after the company began producing the compact sedan Cortina at its Ulsan plant in 1968 and launched in global markets until last year.
Hyundai started selling cars in Korea and overseas in 1968 and 1976. From 1968 to last year, Hyundai sold a total of 9,702,6331 vehicles in the global automotive market, including Korea, of which 23,958,257 were sold domestically and 7,306,874 were sold overseas.
Hyundai's sales grew from 1 million in 1986 to 10 million in 1996 and topped 50 million in 2013. The company surpassed 90 million units in 2022 and added 10 million units in two years, reaching 100 million units this year. The cumulative sales target of 100 million units in 2024 is now within reach with 2.97 million units remaining, and is expected to be reached as early as September, especially if Hyundai continues to meet its monthly sales target of 353,000 units on average. Hyundai's global sales in January this year stood at 316,000 units, with a sharp increase in overseas exports.
The Avante, Hyundai's best-selling midsize sedan, is the only Hyundai model to reach the 10 million mark.
Hyundai's best-selling model worldwide since its inception is the midsize sedan Avante. As of last year, its cumulative sales totaled 15.13 million units, the only single model to reach the 10 million mark. It was followed by the compact sedan Accent (9.95 million units), the midsize sedan Sonata (9.39 million units), the midsize sports utility vehicle (SUV) Tucson (8.96 million units), and the midsize SUV Santa Fe (5.78 million units).
Hyundai's luxury car brand Genesis, which was launched as a separate brand in 2015 (it was first launched under the Hyundai brand in 2008), has accumulated 1.08 million units through last year and is on track to reach 100 million units this year.
How many units and revenue has Hyundai Kia sold so far this year?
Hyundai and Kia have already surpassed the 100 million unit sales mark in 2016. In May last year, Hyundai sold 9,451,514 units and Kia sold 5,593,278 units to accumulate a cumulative total of 15,044,8094 units, generating sales of 26.47 trillion won and operating income of 26.734 trillion won, respectively, the highest in the company's history. This year, Hyundai alone will surpass the 100-million-unit mark. According to an automotive industry insider, "Hyundai Motor's 100 millionth unit sales as a single brand is significant, as it has been achieved only by global automakers such as Volkswagen of Germany, Toyota of Japan, and General Motors (GM) and Ford of the United States, which have been in business for more than 100 years."
2024What is Hyundai's global outlook for electric vehicles in 2020?
In particular, the fourth quarter of this year (October-December) will mark the completion of construction at Hyundai Motor Group's dedicated EV and battery plant in Georgia, USA. According to Automotive News, Jose Munoz, CEO of Hyundai Motor North America, said, "Hyundai is accelerating the plant's start-up schedule in order to qualify for the federal government's $7,500 tax credit for electric vehicles." The IONIQ7 will be produced at the plant. The plant, which will produce six models, including the Ioniq 7, could have an annual production capacity of 500,000 vehicles, 200,000 more than currently planned. Hyundai Motor Group Metaplant America (HMGMA), which will be located in the US state of Georgia, was initially targeted to start operations in the second half of 2025, but the company decided to accelerate the schedule by about a year in response to the IRA and began construction of the plant in October 2022.
"We know how much of an impact it has for Hyundai not to be eligible for the tax credit, so we're working to get up and running faster," said CEO Jose Muñoz. "It's a lot of moving parts, but we'll be able to comply with the regulations to get up and running and get the tax credit."
The fourth quarter of this year (October-December) will see the completion of construction at Hyundai Motor Group's dedicated electric vehicle and battery plant in Georgia, USA. According to Automotive News, Jose Munoz, CEO of Hyundai Motor North America, said, "Hyundai is accelerating the plant's start-up schedule in order to qualify for the federal government's $7,500 tax credit for electric vehicles." The IONIQ7 will be produced at the plant. The plant, which will produce six models, including the Ioniq 7, could have an annual production capacity of 500,000 vehicles, 200,000 more than currently planned. Hyundai Motor Group Metaplant America (HMGMA), which will be located in the US state of Georgia, was initially targeted to start operations in the second half of 2025, but the company decided to accelerate the schedule by about a year in response to the IRA and began construction of the plant in October 2022.
"We know how much of an impact it has for Hyundai not to be eligible for the tax credit, so we're working to get up and running faster," said CEO Jose Muñoz. "It's a lot of moving parts, but we'll be able to comply with the regulations to get up and running and get the tax credit."
The fourth quarter of this year (October-December) will see the completion of construction at Hyundai Motor Group's dedicated electric vehicle and battery plant in Georgia, USA. According to Automotive News, Jose Munoz, CEO of Hyundai Motor North America, said, "Hyundai is accelerating the plant's start-up schedule in order to qualify for the federal government's $7,500 tax credit for electric vehicles." The IONIQ7 will be produced at the plant. The plant, which will produce six models, including the Ioniq 7, could have an annual production capacity of 500,000 vehicles, 200,000 more than currently planned. Hyundai Motor Group Metaplant America (HMGMA), which will be located in the US state of Georgia, was initially targeted to start operations in the second half of 2025, but the company decided to accelerate the schedule by about a year in response to the IRA and began construction of the plant in October 2022.
"We know how much of an impact it has for Hyundai not to be eligible for the tax credit, so we're working to get up and running faster," said CEO Jose Muñoz. "It's a lot of moving parts, but we'll be able to comply with the regulations to get up and running and get the tax credit."