The First Time in History of Hyundai Motor Group
Hyundai Motor and Kia Corp.'s combined market share surpassed 10 percent in Europe in August, the first time in the history of Hyundai Motor Group.
Hyundai Motor and Kia Corp. sold 73,060 units (38,143 units for Hyundai Motor and 34,917 units for Kia Corp.) in August, according to data released by the European Automobile Manufacturers' Association (ACEA) on Sept. 16. The figure is down 0.2 percent from a year ago. Hyundai Motor's sales rose 2.2 percent, but Kia suffered a 2.8 percent drop. Analysts say the two companies fared relatively well in light of an 18.1 percent drop in Europe's overall auto sales due to a semiconductor shortage.
Hyundai Motor and Kia's combined European market share rose 1.8 percentage points year-on-year to reach 10.1 percent (5.3 percent for Hyundai Motor and 4.8 percent for Kia Corp.). This marked the first time that the two companies' combined monthly share exceeded 10 percent in Europe.
Their cumulative sales increased 28.3 percent on year to 662,894 units (331,268 units for Hyundai Motor and 331,626 units for Kia Corp.) during the January-August period of this year. During the same period, Europe's total car sales reached 8,188,886 units, an increase of 12.7 percent from a year earlier. As a result, Hyundai Motor and Kia's cumulative market share rose 1.0 percentage points on year to 8.1 percent (4.0 percent Hyundai Motor and 4.0 percent for Kia Corp.).
"We will lead the eco-friendly car market through the IONIQ 5, which is well-received in Europe, and Kia's first electric vehicle EV6, which is set to be released," said officials of Hyundai Motor and Kia. "We expect the two companies' combined market share in Europe to exceed 8 percent in 2021." They achieved an annual market share of 7 percent for the first time in 2020.
Hyundai Motor and Kia Corp. crossed one million units in annual sales in Europe for the first time in history in 2018, 10 years after making a foray into the European market. Their sales exceeded one million units in 2019 before falling to 841,520 units in 2020 amid the COVID-19 crisis. However, in the first half of 2021, they sold 494,158 units, a year-on-year increase of 40.1 percent, raising the possibility of breaking through the one-million-unit milestone again.