IN DEPTH: Pressure From Beijing Was a Blessing in Disguise for World’s No. 3 Automaker Hyundai

Hyundai survived a slumping Chinese market to become the world’s third-largest automaker in sales volume, posting record profits in its Q2 earnings report.

New Hyundai cars are displayed on the sales lot at San Leandro Hyundai in San Leandro, Calif., on May 30, 2023. Justin Sullivan/Getty Images

China’s slumping economy has dealt a harsh blow to nations and enterprises with significant reliance on its vast market. In addition to China’s economic woes, Hyundai Motor Group was forced to deal with aggressive sanctions from Beijing following the THAAD anti-missile system controversy in 2016.

Hyundai was compelled to downsize its dependence on the Chinese market following the controversy. Nonetheless, it managed to navigate the tumultuous period and emerged as a success story.