There are brands that have not missed the opportunity and in recent months have noticed a great change in the automotive sector. Thanks to the incorporation of new manufacturing models and that have led to the interests of users have increased significantly, causing a noticeable growth in the volume of sales. Brands such as Hyundai have closed the first half of the year with a notoriously high sales volume compared to last year’s data. In this case, they achieved an increase of 18.7% reaching a revenue volume of 36 billion South Korean Won, which would correspond to about 29 billion euros.
Hyundai sold 976,350 units worldwide in the second quarter, down 5.3% from a year earlier. Sales in markets outside Korea fell by 4.4% to 794,052 units, and sales in Korea decreased by 9.2%, to 182,298 units. The decline in sales volume was mainly due to global shortages of chips and components and geopolitical issues.
Despite that, they managed to make the luxury models, SUV and Genesis, and with a favorable environment, allowed them to increase their sales in the second half of the year, recovering some of the lost ground. Hyundai’s EV model sales increased 49% year-over-year, reaching 53,126 units in the second quarter, accounting for 5.4% of its total sales volume.
In Hyundai they remain faithful to their philosophy and therefore, they hope that the sector can recover little by little, especially due to the lack of microchips, which they expect that in the coming months they can recover the usual manufacturing trend. Of course, they remain cautious about a hypothetical new variant of covid or increases in raw materials due to the war in Ukraine.
In addition, the company expects that exchange rate volatility and rising marketing costs due to increased competition among automakers will be a drag on the rest of this year. Therefore, they have been working on a production strategy where they won’t lose as much money and adapting to the new market demand.