Hyundai Motor Group is the world's third-largest automaker in the world by volume — but it wasn't always so. In the late 1980s and 1990s, Hyundai cars suffered ridicule in America for being cheap and low quality. But that is no longer the case.
The three auto brands in the automaker's stable — Hyundai, Kia and Genesis — are nipping at the heels of well-established competitors, and winning an ever-growing list of industry awards. They sold a combined 7.3 million units in 2023, trailing only Toyota Motor (11.2 million) and VW Group (9.24 million).
"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," said William Barnett, a professor at the Stanford Graduate School of Business.
Tesla still dominates the electric vehicle industry, but Hyundai Motor Group is the second best-selling EV manufacturer in the U.S.
"On the electrification side, Hyundai has done a really great job," said Sam Abuelsamid, principal research analyst at Guidehouse Insights. "They've put some fantastic products out there."
Its ascent in both sales and prestige are largely attributable to the company's fanatical focus on improving the quality of its products, recruiting top talent from distinguished automotive brands and transforming itself into an innovator in the automotive industry.
This is evident in a new design and "innovation" center the company has built in Singapore. There, it's testing new manufacturing methods, investments in robotics, autonomous driving and electric vertical takeoff and landing aircraft.
"I think Hyundai Motor Group isn't a car company," said Jose Munoz, the global president and chief operating officer at Hyundai. "I think we are a technology company. When you look at everything we're doing, we're doing things that are almost science-fiction."
But Hyundai has faced plenty of setbacks. Since 2020, thefts have spiked of Hyundai and Kia vehicles, spurred by viral videos online revealing a hack for stealing certain models. Hyundai and Kia have recalled at least 3.3 million cars at risk of catching fire. Also, similar to many foreign automakers in the U.S., the company is facing a new push by the United Auto Workers union around its American factories.
Watch the video to learn more about how Hyundai became the third-largest global automaker.