In a bombshell claim delivered at the Genesis Magma launch in France, Hyundai Motor Company CEO Jose Muñoz has declared the Korean automotive giant has overtaken the Volkswagen Group to become the second-most profitable automaker in the world.

While Toyota remains the undisputed king of global sales and profits, the battle for second place has been fierce.

Speaking to media, Mr Muñoz didn't mince words about the shifting hierarchy of the automotive world.

"We have become, already, several years in a row, the number three global OEM [by sales]. And in fact, when you consider profits, we are number two," Mr Muñoz said.

"So we just overtook Volkswagen very recently."

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Mr Muñoz attributed the surge in

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