Hyundai Motor pips Volkswagen to become world's 2nd-largest automaker

Hyundai Motor Group has outperformed Volkswagen Group to go the world's second-largest automaker successful presumption of operating profit, manufacture information showed connected Thursday.

According to automotive manufacture data, Hyundai Motor Group achieved income of 69.4 trillion won ($49.6 billion) and an operating nett of 6.5 trillion won during the 3rd quarter.

For the play from January to September, the South Korean automaker's cumulative income reached 208.9 trillion won, portion operating nett was recorded astatine 21.4 trillion won, reports Yonhap quality agency.

In presumption of operating nett alone, Hyundai Motor Group ranked 2nd among planetary competitors aft Toyota Group.

The Japanese automaker reported an operating nett of 1.15 trillion yen ($7.4 billion) for the 3rd quarter. and an operating nett of 32.4 trillion won for the January-September period.

For the 3rd quarter, Volkswagen Group has reported an operating nett of 4.3 trillion won. For the archetypal nine-month period, Volkswagen's operating nett stood astatine 19.36 trillion won.

With Volkswagen Group facing challenges successful the Chinese market, galore manufacture watchers spot Hyundai Motor Group arsenic being poised to unafraid the No. 2 presumption successful presumption of operating nett aft Toyota Group for the entirety of 2024.

Hyundai Motor Group, however, is apt to instrumentality immoderate clip earlier surpassing Volkswagen Group successful planetary income volume.

From January to September this year, Hyundai Motor Group sold 5.4 cardinal units worldwide, maintaining its presumption arsenic the third-largest automaker, pursuing Toyota Group astatine 7.18 cardinal units and Volkswagen Group astatine 6.5 cardinal units.

"Operating profit, successful summation to income volume, is simply a important show indicator successful the car industry," Kim Pil-soo, an automotive prof astatine Daelim University, said. "Hyundai Motor Group is performing good contempt an wide diminution successful conveyance request affected by the alleged EV chasm affecting the industry."