Expansion in Hybrid market
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. are expanding their presence in the hybrid vehicle market in the United States, backed by brisk sales of the Niro sports utility vehicle (SUV) hybrid.
According to U.S. online market tracker HybridCars.com, the South Korean automobile companies sold a combined 4,358 hybrid vehicles in the U.S. market last month, up 87.8 percent from a year earlier. Hyundai shipped 1,082 units of Sonata hybrids and some 327 units of Ioniq, the plug-in hybrid hatchback, while Kia sold some 2,704 units of its Niro SUV hybrid and 245 units of K5.
Their share in the U.S. hybrid vehicle market stood at 13.6 percent last month, surpassing 10 percent for two months in a row after 1.37 percent in February. Their cumulative market share in the first quarter also reached 11.6 percent, exceeding 10 percent on an annual basis for the first time.
When the trend continues, Hyundai-Kai Motors expects to post a double-digit market share for the first time this year. The two companies have maintained a 7 to 8 percent market share in the U.S. hybrid car market every year and recorded a 7.2 percent market share last year.
The increase in Hyundai-Kia Motors’ market share this year is driven by growing sales of the Niro released in the U.S. market in February. The Niro, which made a spectacular debut in Super Bowl commercials, sold 2,143 units right after the launch in February, being ranked fourth in terms of sales by car model.
The sales of the Ioniq is also increasing in the U.S. from last month. When the sale of Ioniq begins in earnest from this month, Hyundai-Kia Motors is expected to increase the dominance in the U.S. hybrid vehicle market even further.
Meanwhile, the sales of hybrid vehicles in the United States came to 32,012 units last month, up 11.3 percent from the previous year. The cumulative sales in the first quarter also grew to 82,939 units, up 11.9 percent from a year ago. This was in stark contrast to last year when the sales declined 9.7 percent.