This is how Hyundai became third largest auto giant

Hyundai became one of the world's best sellers within a few decades. This is the incredible story of Hyundai Motor Group in the car industry, reports CNBC. 

Back in the late 1980s and 1990s, Hyundai cars were seen as cheap and unreliable in the US. But Hyundai didn't give up. With an insurmountable spirit, Hyundai brought about a turnaround. Times have changed dramatically since then.

They focused on one key thing: making their cars much better.

Now, Hyundai, along with their sister brands Kia and Genesis, are serious competitors in the auto industry. Hyundai Motor Group proudly holds the title of the world’s third-largest automaker by volume.

Their vehicles win awards and sell in the millions every year. In 2023 alone, they sold a whopping 7.3 million vehicles, only behind giants like Toyota and Volkswagen!

Professor William Barnett from the Stanford Graduate School of Business said, “The Hyundai that we see today, especially from an American perspective, would surprise people if they remember the Hyundai that first entered the American automobile market years ago.”

Electric cars are all the rage in today's world. Though Tesla dominates the electric vehicle sector, Hyundai Motor Group is the second-biggest seller of electric vehicles in the US, thanks to awesome cars like the Kona Electric.

Sam Abuelsamid, principal research analyst at Guidehouse Insights, commended Hyundai's EVs, saying “On the electrification side, Hyundai has done a really great job. They’ve put some fantastic products out there.”

So, what's Hyundai's secret sauce?

It's a combination of relentless improvement, unwavering commitment to enhancing product quality, hiring top talent, and building on innovation. They even built a fancy new center in Singapore to test out futuristic ideas like robots in factories, self-driving cars, and even flying taxis. At the Singapore unit, they explore groundbreaking manufacturing methods and invest in cutting-edge technologies such as robotics, autonomous driving, and electric vertical takeoff and landing aircraft.

"I think Hyundai Motor Group isn’t a car company," says Hyundai's global boss, Jose Munoz. "I think Hyundai Motor Group isn’t a car company. I think we are a technology company. When you look at everything we’re doing, we’re doing things that are almost science-fiction."

Of course, it has not all been smooth sailing. Hyundai and Kia have faced issues like car thefts and recalls of millions of cars. They're also navigating the tricky world of unions in the US.