Hyundai Motor Company's sales revenue 2011-2024

Hyundai reported sales revenue of 175.2 trillion South Korean won in 2024. Founded in 1967, Hyundai would go on to manufacture the first South Korean car. The passenger car segment is the largest contributor to the company's revenue.

Domestic sales offset sales slump

In 2020, passenger car sales were down roughly 15 percent for Hyundai, despite a 6.2 percent increase in sales in South Korea. 2021 and 2022 marked a clear improvement for Hyundai, with its sales revenue exceeding that recorded in 2019 by 2021, but the performance of South Korean brands on the Chinese market—the world's largest automobile market —has not been improving. The market share of South Korean passenger car brands in China had dropped from 3.5 percent in 2020 to 3.1 percent in 2021. As alternative fuel vehicles are becoming the favored technology in China, Hyundai is expected to significantly increase their number of “green” models which will be necessary to compete in the future market.

Shift towards sustainable technologies

In an effort to respond to shifts in consumer demand, Hyundai announced plans to invest more in sustainably-powered cars. The company had been working to build its first overseas hydrogen fuel cell plant in China. The Hyundai Elantra Hybrid Blue and Kona Electric were already among the world's most environmentally friendly MY 2024 cars. Hyundai's Porter 2 EV was also the most popular electric vehicle model on the South Korean market in 2023, with sales nearing 25,800 units.