Hyundai Kia Motors Increased Market Share in Europe in the First Half... Sales Also Recovering

Sales of 353,026 units in the first half of this year, down 36% from the previous year... Market share at 6.9%

Hyundai Motor Turkey Plant (Photo by Hyundai Motor)

[Asia Economy Reporter Kim Ji-hee] Despite the impact of the novel coronavirus disease (COVID-19) in the first half of this year, Hyundai Kia Motors performed well in the European market. Although it could not avoid a decline in sales volume, it defended its sales performance by leading with eco-friendly vehicles, resulting in an increase in market share.

According to the European Automobile Manufacturers Association (ACEA) on the 18th, Hyundai Kia Motors sold 353,026 units in Europe from January to June this year, down 36.1% compared to the same period last year. During this period, Hyundai Motor sold 174,632 units, down 38.5%, and Kia sold 178,392 units, down 33.5%. It performed well with a smaller decline compared to the overall European automobile market.

In particular, the market share this year reached 6.9%, the highest since Hyundai Kia Motors entered the European market. Hyundai Motor maintained the same 3.4% market share as the previous year, while Kia recorded 3.5%, increasing its share by 0.3 percentage points. The increase in demand for eco-friendly vehicles, in which Hyundai Kia Motors is relatively strong, contributed to the rise in market share. Additionally, the fact that European brands were unable to operate their factories normally due to the impact of COVID-19, causing supply disruptions, appears to have been a favorable factor for Hyundai Kia Motors.

The outlook for the second half of the year is also not bad. Hyundai Kia Motors' European sales, which shrank by nearly 80% year-on-year in April due to the direct impact of COVID-19, showed signs of recovery with a 54.3% decrease in May and a 26.7% decrease in June. Since the rate of sales decline has been decreasing since the second quarter, there are expectations that the recovery trend will continue in the second half.

Another positive factor is the spread of the eco-friendly trend in Europe, as governments around the world are strengthening support for eco-friendly vehicles in response to COVID-19. In line with this, Hyundai plans to launch eco-friendly models of the Santa Fe Hybrid as well as the i20 and i30 within this year.

This content was produced with the assistance of AI translation services.