Seoul: Hyundai Motor Group has surpassed Volkswagen Group to secure the position of the world's second-largest automaker by operating profit, according to industry data released on Thursday. This significant milestone highlights the South Korean automaker's robust financial performance amidst global industry challenges.According to Yonhap News Agency, Hyundai Motor Group reported sales of 69.4 trillion won (US$49.6 billion) and an operating profit of 6.5 trillion won in the third quarter. Cumulatively, from January to September, the company's sales amounted to 208.9 trillion won, with an operating profit reaching 21.4 trillion won. This performance places Hyundai second only to Toyota Group in terms of operating profit among global automakers.Toyota Group, the leading automaker in operating profit, reported 1.15 trillion yen ($7.4 billion) for the third quarter and 32.4 trillion won for the January-September period. In contrast, Volkswagen Group posted a lower operating profit of 4.3 trillion won for the third quarter and 19.36 trillion won for the first nine months of the year.Volkswagen Group's struggles in the Chinese market have led many industry analysts to predict that Hyundai Motor Group could maintain its No. 2 position in operating profit throughout 2024, just behind Toyota Group. Despite this achievement, Hyundai is expected to take more time to surpass Volkswagen in global sales volume.From January to September, Hyundai sold 5.4 million units globally, ranking third in sales volume behind Toyota Group's 7.18 million units and Volkswagen Group's 6.5 million units. Automotive expert Kim Pil-soo from Daelim University emphasized the importance of operating profit as a critical performance indicator, noting Hyundai's resilience despite the industry's challenges, such as the so-called EV chasm impacting vehicle demand.
- October 12, 2026
