The Hyundai Motor Group is now the world’s third-largest automaker by sales volume, with the group announcing earlier this week that it has sold 3.3 million vehicles in the first half of this year, Korea Times reported.

Placed first and second in terms of sales volume are Toyota with 5.1 million vehicles sold in that period, while the Volkswagen Group sold four million vehicles in that time. For comparison, the Hyundai Motor Group ranked fifth in sales volume in the first half of last year, according to the report.

Production setbacks experienced by carmakers worldwide due to the shortage in semiconductor supply contributed to the rise in the global market by Hyundai Motor Group, as it had recorded smaller decreases in sales – by 5.1% – than those sustained by other manufacturers in the first half of this year compared to the same time last year, the report cited experts as saying.

HMG’s climb in the sales rankings was attributed to sales gains by Genesis; GV60 pictured

Carmakers which sustained drops in sales in 1H 2022 compared to the same period last year included Toyota which was down by 6%, Volkswagen by 14%, Stellantis by 16%, the Renault-Nissan-Mitsubishi alliance by 17.3% and General Motors by 18.6%, according to Korea Times.

This gain in global ranking for the Hyundai Motor Group was attributed to sales increases by Genesis; the group’s luxury brand recorded sales of 25,668 units in the United States, a new first-half sales record for the brand.

On the electric vehicle front, Hyundai Motor Group sold 27,000 EVs in the United States between January and May this year, ranking the group second after Tesla in sales for that market; this was attributed to the popularity of the Hyundai Ioniq 5 and the Kia EV6, Korea Times citing a Bloomberg report.

“It seems that Hyundai Motor Group’s unique potential to use the unprecedented crisis in the automobile industry as an opportunity, such as the supply shortage of semiconductors and the transition to electrification, seems to have excelled,” an automotive industry official was quoted as saying.