Hyundai Motor Group The company is the world’s third-largest automaker by sales, but that wasn’t always the case. In the late 1980s and 1990s, modern cars were ridiculed in the United States for being cheap and low-quality. But that is no longer the case.
The automaker’s three car brands – Hyundai, Kia and Genesis – are catching up with established rivals and winning a growing number of industry awards.
“The modern cars that we see today, especially from an American perspective, if people remember when Hyundai first entered the U.S. car market many years ago,” said William Barnett, a professor at Stanford University’s Graduate School of Business. , they will be surprised.”
Tesla Still dominates the EV industry, but Hyundai Motor Group is the second-best-selling EV maker in the U.S.
“Hyundai has done a great job when it comes to electrification,” said Sam Abuelsamid, principal research analyst at Guidehouse Insights. “They’ve launched some great products.”
Much of its boost in sales and reputation can be attributed to the company’s fanatical focus on improving product quality, recruiting top talent from established car brands and transforming itself into an innovator in the automotive industry.
This is reflected in the company’s new design and “innovation” center in Singapore. There, it is testing new manufacturing methods and investing in robotics, autonomous driving and electric vertical take-off and landing aircraft.
“I don’t think Hyundai Motor Group is a car company,” said Jose Munoz, Hyundai Motor’s global president and chief operating officer. “I think of us as a technology company. When you look at everything we do, it’s almost science fiction what we’re doing.”
But Hyundai has also encountered many setbacks. Hyundai and Kia car thefts have surged since 2020 as viral videos revealed hacks used to steal certain models. Hyundai and Kia have recalled at least 3.3 million vehicles due to the risk of catching fire. Also, like many foreign automakers in the United States, the company is facing a new push from the United Auto Workers union at its U.S. plants.
Watch the video to learn more about how Hyundai became the world’s third-largest automaker.
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