Last Month's Combined Rate Exceeds 11% for the First Time
3 Percentage Point Increase in One Year
[Asia Economy Reporter Changhwan Lee] Hyundai Motor Company and Kia have made significant advances this year in the European market, the birthplace of automobiles. By focusing on eco-friendly vehicles led by electric cars such as the Ioniq 5 (Hyundai) and EV6 (Kia), they have surpassed an 11% market share for the first time.
According to Hyundai Motor Group on the 19th, as of last month, the combined market share of Hyundai and Kia in the European automobile market was approximately 11.1%. This ranks third overall, following Volkswagen Group at 21.3% and Stellantis at 18.4%. After Hyundai, Renault Group holds 9.9%, BMW 7%, and Toyota 6.8%.
This is the first time Hyundai Motor Group's market share in Europe has exceeded 11%. In the same month last year, the market share was 7.8%, but it increased by more than 3 percentage points within a year. The market share ranking has been third place for two consecutive months, including last month. The annual market share up to the third quarter was 8.4%, up 1.2 percentage points from 7.2% in the same period last year.
Hyundai and Kia's strong performance in the European market is attributed to the high popularity of eco-friendly new cars in major European automobile markets such as Germany and the United Kingdom. In line with various European governments' policies promoting eco-friendly vehicles, Hyundai and Kia launched a large number of eco-friendly new models this year, including the electric Ioniq 5 and EV6, as well as the Tucson Plug-in Hybrid Electric Vehicle (PHEV), Santa Fe PHEV, and Sorento PHEV.
According to the German Association of the Automotive Industry (VDIK), Hyundai and Kia sold 79,773 Hyundai vehicles and 49,484 Kia vehicles in Germany, the largest market in Europe, up to September this year, increasing sales by 10.9% and 5.4% respectively compared to the same period last year. The combined sales volume was 129,257 units, an 8.7% increase from the same period last year.
Sales in the United Kingdom, the second-largest automobile market in Europe, also stood out. According to the Society of Motor Manufacturers and Traders (SMMT), Hyundai sold 52,931 units, a 39.9% increase compared to the same period last year, and Kia sold 74,096 units, a 29.6% increase during the same period.
The combined sales volume of Hyundai and Kia exceeded the individual sales volume of Volkswagen (121,286 units, 9.21% market share), which ranked first in the UK market from the first to the third quarter this year. In September, Kia recorded a market share of 7.74%, ranking second in UK sales following Toyota.
Hyundai and Kia plan to continue both quantitative and qualitative growth in Europe by maintaining this momentum. A company official emphasized, "We will expand sales of the Ioniq 5, EV6, and Genesis electric vehicles based on a dedicated electric vehicle platform in Europe in the future."
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