The world’s third-largest carmaker isn’t from the U.S., Japan or Europe, at least not anymore. It’s South Korea’s Hyundai.
While Toyota and Volkswagen vie each year for pole position atop the global automobile industry, Hyundai has quietly slipped in behind them, surpassing General Motors, Nissan and Stellantis in annual volumes along the way.
Founded 55 years ago as a manufacturer of affordable vehicles for its home market, Hyundai’s international expansion only began in earnest in the 80s. After working for decades to shake its image as an upstart, Hyundai’s Genesis is now going head-to-head with other luxury car brands, while the carmaker is duking it out with Ford for second place in U.S. electric vehicle sales this year, behind Tesla Inc.