Hyundai Motor Group achieved a significant milestone in Q1 2024 by surpassing Volkswagen Group in operating profit for the first time. This success was attributed to the South Korean automaker’s diverse range of offerings, including electric vehicles, plug-in hybrids, and gas-powered cars.
As of the first quarter, Hyundai secured the second-highest operating profit in the global automotive industry, surpassing Volkswagen, which had long held the second-place position. During Q1 2024, Hyundai Motor Group reported an operating profit of $5.09 billion, exceeding the German automaker’s $4.94 billion.
However, Toyota Group retained its position as the global auto industry leader, with an operating profit of $7.15 billion. Hyundai Motor Group, consisting of the Hyundai Motor, Kia, and Genesis brands, credited its success to the diversified vehicle lineup.
The company highlighted its ability to mass-produce a complete vehicle portfolio, including internal combustion engine cars, EVs, and hydrogen-powered cars. Professor Kim Pil-soo from Daelim University College emphasized Hyundai’s technological prowess in EVs, which remains unmatched.
In the United States, Hyundai and Kia EVs achieved the second-best-selling status after Tesla in 2023, demonstrating the growing popularity and competitiveness of the group’s electric vehicles within the market.