The combined domestic market share of Hyundai Motor Co. and its affiliate Kia Motors Corp. remained below the 70 percent level for the second straight year in 2015, affected by the marked advances of foreign brands and intense competition from other smaller local rivals, industry data showed Friday. (Image : Yonhap)
SEOUL, Jan. 8 (Korea Bizwire) – The combined domestic market share of Hyundai Motor Co. and its affiliate Kia Motors Corp. remained below the 70 percent level for the second straight year in 2015, affected by the marked advances of foreign brands and intense competition from other smaller local rivals, industry data showed Friday.
According to the data, Hyundai Motor and Kia Motors commanded 67.7 percent of domestic car sales last year, compared with 69.3 percent a year earlier.
In particular, Hyundai’s market share dropped to 39 percent last year from 41.3 percent in 2014, marking the first time that the number has hovered below the 40-percent mark.
In 2014, their market share fell below the 70-percent plateau for the first time since Hyundai Motor took over Kia Motors back in 1998.
Their market share peaked at 76.8 percent in 2009 before falling to 74.6 percent in 2012 and 71.5 percent in 2013.
Their domestic presence shrank on growing challenges from foreign brands and other smaller rivals.
Sales of imported vehicles jumped 24.2 percent on-year to a record 243,900 units last year, data showed. The brisk performance is based on aggressive sales promotions by foreign automakers and the growing popularity of diesel and hybrid electric cars among younger consumers.
Hyundai and Kia said earlier that they aim to produce and sell 8.13 million cars this year, lowering its annual target from a year earlier due to tough market conditions at home and abroad.
This is a downgrade from the previous year when the corporate duo pushed to sell 8.2 million units. The auto-making group sold about 8.01 million cars last year, almost the same as it did in 2014.
Hyundai Motor said earlier it aims to sell 5.01 million vehicles in 2016, while its smaller affiliate Kia Motors plans to sell 3.12 million cars this year.
(Yonhap)
