Hyundai has overtaken Volkswagen to change into #2 globally in revenue, says CEO

In a bombshell declare delivered on the Genesis Magma launch in France, Hyundai Motor Firm CEO Jose Muñoz has declared the Korean automotive big has overtaken the Volkswagen Group to change into the second-most worthwhile automaker on the earth.

Whereas Toyota stays the undisputed king of world gross sales and income, the battle for second place has been fierce.

Chatting with media, Mr Muñoz didn’t mince phrases in regards to the shifting hierarchy of the automotive world.

“Now we have change into, already, a number of years in a row, the quantity three world OEM [by sales]. And actually, when you think about income, we’re quantity two,” Mr Muñoz stated.

“So we simply overtook Volkswagen very lately.”

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Mr Muñoz attributed the surge in profitability to what he calls the “Energy of the Group” – the vertical integration that enables Hyundai to manage its personal future in methods different automobile makers can’t.

“One of many key success elements of the group is what we name contained in the ‘Energy of the Group’. The group is comprised of greater than 50 totally different entities that work all aligned,” he stated.

He pointed to the group’s possession of Boston Dynamics (robotics) and Supernal (electrical vertical take-off plane) as examples of tech management, however the actual money cow stays the core automotive enterprise.

Whereas Mr Muñoz acknowledged that income had been “dented by tariffs” (probably referring to the US market complexity), he famous that Hyundai “misplaced about 30 per cent in comparison with final 12 months” in some metrics whereas opponents have been seeing “70 per cent and extra revenue loss.”