U.S. Market Share Expected to Have Reached a New High
Hyundai Motor Group’s growth in the U.S. market is accelerating, led by Genesis, green and recreational vehicles.
The group’s current annual sales record in the U.S. market is 1,422,603, which was recorded in 2016. In the United States, it sold 1,275,223 cars in 2017, 1,267,619 in 2018, 1,325,345 in 2019 and 1,224,758 in 2020.
The group sold 1,384,273 cars in the United States for the first 11 months of 2021, up 25.7 percent year on year. There, it sold 1,305,945 cars in the same period of 2016. In other words, its U.S. sales volume is likely to have reached a new high last year.
The group’s U.S. market share is expected to have reached a new high, too. “The shares of Hyundai Motor Company and Kia at the end of last year are estimated at 5.3 percent and 4.7 percent, respectively,” said an industry source, adding, “The group has never exceeded 10 percent in the United States and the current high is 8.9 percent, which was recorded in 2011.”
Last year, Hyundai Motor Company and Kia sold 6,668,037 cars worldwide. Although their domestic sales volume fell 5.8 percent to 1,261,854, their overseas sales volume increased 7.9 percent to 5,406,183. In the U.S. market, the group sold 44,622 Genesis cars from January to November last year whereas the previous high, recorded in 2016, is 26,409. In addition, its green car sales volume tripled year on year to over 100,000.
For the 11 months, the group’s RV sales volume increased 25.3 percent year on year to 883,162. The figure exceeded 800,000 for the first time in history.