Auto Resurgence
With this year’s demand for cars on the rise, and the European market in its recovery, Hyundai Motor Group recovered its European market share to around 6 percent.
According to the Association des Constructeurs Européens d’Automobiles (ACEA) on March 18, last month’s new car sales in the European car market totaled around 894,730, up 7.6 percent compared to the same month last year.
January’s and February’s accumulated sales this year also rose by 6.3 percent, reaching 1,862,597 units, indicating rising demand in the European market.
Last month’s European sales by Hyundai Motor Group – consisting of Hyundai Motor Company and Kia Motors – amounted to 55,140 units, up 1.4 percent in sales compared to February last year. Thanks to a 7.7 percent increase in the sales of Kia cars (24,209 units), overall sales went up slightly despite a 3.0 percent decrease in Hyundai car sales (30,931 units).
The total market share recorded 6.2 percent, with 3.5 percent Hyundai cars and 2.7 percent Kia cars, making it the first time in four months to exceed 6 percent in the European market since last October.
The major car market share ranking was topped by the Volkswagen group (24.6 percent), followed by PSA Peugeot-Citroen (12.1 percent), Renault (10.0 percent), GM (7.5 percent), and Fiat (6.7 percent).
Hyundai and Kia followed the list with 6.2 percent, and behind were BMW (5.6 percent), Daimler (5.1 percent), Toyota (4.4 percent).
The car giant welcomes its recovery of 6 percent market share as a positive sign, with the expectation that it can reach this year’s goal of European sales of 754,000 units (412,000 units by Hyundai, 342,000 units by Kia).
Earlier this month, Hyundai Motor Group Chairman Chung Mong-koo visited four countries in Europe, inspecting local factories and sales outlets, which is interpreted as management acknowledging the importance of the European market.