Hyundai Motor US Sales Down 9% YoY
Hyundai Motor Up 9% and Kia Up 50% in India
[Asia Economy Reporter Kim Ji-hee] Hyundai Kia Motors received mixed results last month in the US and Indian markets. While sales in the US declined due to the third wave of the COVID-19 pandemic, steady popularity of new cars in India helped overcome adverse conditions and achieve solid performance.
According to Hyundai Motor America (HMA) on the 2nd, Hyundai sold 55,171 units in November, down 9% compared to the same period last year. Retail sales, which had been growing despite the COVID-19 crisis, also decreased by 11% during the same period. However, considering that there were three fewer business days in November last year, daily sales actually increased by 4%.
Randy Parker, Vice President of Sales at HMA, said, "COVID-19 has become a new challenge. However, sales of the new Elantra, as well as SUVs and eco-friendly vehicles, are performing well, so the outlook is optimistic."
Unlike the slowing momentum in the US, the atmosphere in the Indian market is positive. Although sales decreased compared to the previous month, which set a monthly sales record for the first time in 22 years, and thus could not completely avoid the impact of COVID-19, sales are still increasing compared to last year.
Last month, Hyundai and Kia recorded sales of 48,800 and 21,022 units in India, respectively, marking increases of 9% and 50% compared to the same period last year. While the overall Indian automobile market expanded by 9%, Kia showed the third highest growth rate after Tata and Honda, breaking its own sales record. In particular, the locally strategic model 'Sonet' maintained its position as the number one in the compact SUV segment last month, supporting Kia, which is responding to the market with only two models.
Kia has raised its market share in India to 7.3%, closely following third-place Tata (7.5%). The combined market share of Hyundai Kia Motors rose to 24.3%.
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