Eco-friendly Vehicles and SUVs Lead Sales Growth
Hyundai Motor Group ranked fourth in the European market last year by beating BMW Group for two consecutive years. Its share of the European market has reached a record high.
According to the European Automobile Manufacturers Association on Jan. 29, Hyundai Motor Group sold 103,999,999 units in 28 countries in the European Union last year, recording a 6.8 percent market share, the highest ever, and taking fourth place among automotive groups in Europe. Its sales volume inflated 2.8 percent on year (1,011,452 units) and its market share rose by 0.1 percentage point from the previous year (6.7 percent).
In particular, Hyundai Motor Group claimed fourth place in Europe after beating BMW Group for two consecutive years.
Hyundai Motor Group's sales growth of 2.8 percent is second only to Volkswagen Group’s 3.1 percent. Hyundai Motor Group has far exceeded the average 1.2 percent growth rate of the European automobile market last year.
Peugeot Citroen Group, which once led the European market, suffered a 1.1 percent decrease in sales, while Renault and BMW groups posted sales increase of 1.1 percent and 1.7 percent, respectively. Hyundai Motor Group, which was ranked sixth in the European market three years ago in 2017, is expanding its presence as its rivals remain sluggish.
Two major drivers of Hyundai Motor Group’s growth in the European market are eco-friendly cars and compact sport utility vehicles (SUVs). In Europe, the group's sales of eco-friendly vehicles such as hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) accounted for more than 10 percent. Among Hyundai models, the Ioniq, the Kona EV and the Kona HEV are taking the lead in pushing up sales. Among Kia Motors’ models, the Niro EV is enjoying strong sales. Among internal combustion engine-powered models, Hyundai Motor's Tucson and Kona and Kia’s Sportage and Ceed led the sales growth. All of these models sold more than 100,000 units a year, which contributed to the growth of Hyundai Motor Group’s sales in Europe.
Hyundai Motor Group is planning to speed up its penetration of the European auto market. First, the Genesis brand that challenged the European market in 2015 but stopped selling cars in 2018, plans to reenter the market with the large SUV GV80. Despite the sluggishness of the overall European auto market, sales of luxury SUVs are increasing and the Genesis is determined to make a comeback in the European market with the launch of the GV80. The Genesis plans to even expand its EV lineup next year after launching its mid-sized SUV GV70 in the second half of this year.