Competition in Europe
According to the European Automobile Manufacturers’ Association (ACEA), Hyundai Motor Company and Kia Motors sold 424,467 and 353,719 cars in the European market last year to record year-on-year growth of 0.5 percent and 4.2 percent, respectively.
The combined market share of the Hyundai Motor Group added up to 6.0 percent, decreasing by 0.2 percentage points from a year ago, and the group ranked seventh there to follow BMW. The group’s European market share had been limited to 2.1 percent in 2002, but went up to 5.1 percent in 2011 and then to 6.2 percent in each of 2012 and 2013.
In 2014, the European car market showed positive growth for the first time in seven years, but the Hyundai Motor Group lost its share due to Japanese carmakers’ significant growth based on the weak yen. For example, Nissan’s annual sales volume increased by 13.1 percent, and the growth of Mazda, Mitsubishi and Lexus reached as high as 18.7 percent, 25.0 percent, and 30.3 percent each.