Korean automotive firms cruised well last year
South Korea’s representative automotive corporations chalked up record sales last year as they succeeded in expanding their market share across the globe.
Hyundai Mobis, the country’s largest auto part manufacturer, announced Friday that its 2022 turnover had amounted to $42.2 billion, up 24.5 percent from a year before.
The company also netted $2 billion in profit, up 5.3 percent year-on-year.
Hyundai Mobis said that it could break the sales record by diversifying its customer base and products.
South Korea’s biggest carmaker Hyundai Motor logged $115.9 billion in 2022 sales, up 21.2 percent from a year ago, and $8 billion in the operating income, up 47 percent.
Its sister company Kia’s 2022 sales and operating profit stood at $70.4 billion and $5.9 billion, up 29.3 percent and 42.8 percent year-on-year, respectively.
In particular, Hyundai Motor and Kia combined to sell 6.84 million cars last year. Accordingly, their global rankings are expected to go up to the third place by beating the Renault-Nissan Alliance, whose sales are estimated to be less than 6.5 million.
Perennial champion Toyota Motors is predicted to remain atop the 2022 list with sales of more than 10 million vehicles, followed by Volkswagen with 8.3 million.
“Hyundai and Kia cruised well last year in conventional cars with internal combustion engines. They were also outstanding in electric vehicles around the world, which explains their notable performances. As a result, they are sure to have defeated the Renault-Nissan Alliance to become the global No. 3 player,” Daelim University automotive professor Kim Pil-soo said.
“When it comes to Hyundai Mobis, the company managed to win global customers other than Hyundai Motor and Kia. The entity is likely to strengthen its business in such high value-added areas as electric cars and autonomous driving sectors.”
Kim said that the three corporations would show robust performances for the time being.