Hyundai Among the Leading Car Brands in Mexico
Hyundai reported solid results in 1Q23, making it one of the most important automotive brands in Mexico. Given the growth outlook for the automotive sector in Mexico, the company will continue to innovate in the Mexican sector with new cars and technologies.
According to Hyundai's 1Q23 results, 10,782 units were sold, with the Grand i10 being the most in demand. Despite being a relatively new player with only nine years in the Mexican industry, the company highlighted that these results place it among the Top 10 automotive brands in the nation. Another important event in 1Q23 was the launch of hybrid versions of the Elantra and Tucson vehicles, which represent Hyundai's first global electrification effort. By 2045, the automaker intends to stop offering gasoline-powered models and will offer only lithium-ion and hydrogen-powered cars.
In an interview with Milenio, Edgar Carranza, CEO, Hyundai, said that because the automotive industry has had a very strong recovery, 1.2 million cars are expected to be sold in the country by the end of the year. Hyundai currently has a market share of 3.7 percent in Mexico, but plans to consolidate further growth, going from 70 agencies nationwide to 84 in the short term. "We have a lot of interest in Mexico to continue expanding our manufacturing footprint throughout the country. There are projections that indicate that Mexico will again sell more than 1.6 million vehicles yearly in the next four years. This speaks to the growth potential of the country. Expectations are very positive," said Carranza.
Recently, Hyundai Mobis, part of the Hyundai Motor Group, presented a new electric and autonomous vehicle during the Consumer Electronics Show (CES) 2023 in Las Vegas. The South Korean company is carrying out a strategy to become a mobility platform provider that offers integrated solutions by combining core technologies with connectivity, autonomous driving and electrification. M.VISION TO, the new purpose-built vehicle concept, is part of Hyundai Mobis’ aggressive long-term plan, said President Cho Sung-hwan.
M.VISION TO is a mobility solution that offers scalable shapes and sizes to meet different purposes. It is a fully-electric, autonomous and connected vehicle that provides innovative freedom of movement by allowing drivers to crab walk and perform maneuvers with 90 degrees rotating wheels.
In Mexico, Hyundai Mobis operates in Nuevo Leon, manufacturing and distributing automotive control instruments, such as break, steering, lamp, sensor and sound systems, among other products, serving Hyundai’s and Kia’s local plants, in addition to global customers.