Hyundai-Kia Automotive Group has officially become the world’s fourth largest automotive manufacturer, according to figures released from the Automotive News Data Center. The Korean automaker has supplanted FoMoCo, as the American manufacturer saw a 30% decline in sales during the first half of 2009.
Hyundai-Kia sold 8,000 more vehicles than the US giant in the first half of 2009.
Hyundai-Kia trailed FoMoCo by around 1,000,000 units last year, but due to the Korean company’s offering of a product perfect for the times – fuel efficient vehicles in an economic recession – they closed the gap with extreme quickness.
Just ten years ago, the Korean automaker ranked 11th overall in worldwide automakers.
– By: Stephen Calogera