Hyundai Kia Motors Expects 7% Annual Market Share in Europe with Eco-Friendly Vehicles
[Asia Economy Reporter Suyeon Woo] Hyundai Kia Motors' market share in Europe is expected to exceed 7% this year, driven by strong sales of eco-friendly vehicles. The cumulative market share up to October this year recorded 7.2%, already surpassing the 7% mark.
According to the European Automobile Manufacturers Association (ACEA) on the 21st, Hyundai Kia Motors sold 701,307 units in the European market from January to October this year. Although the number of units sold decreased by 22.5% compared to the previous year due to the impact of the novel coronavirus disease (COVID-19), the market share rose by 0.4 percentage points to 7.2%. Expectations are growing that this year Hyundai Kia Motors will achieve an annual market share exceeding 7% for the first time in history in the European market.
From January to October, Hyundai sold 348,255 units, down 26.6% year-on-year, while Kia sold 353,052 units, down 18% year-on-year. Although sales decreased compared to the previous year, these results are relatively strong compared to other competing brands in the European market.
During the same period, global automakers such as Volkswagen (-28%), Audi (-22%), Renault (-25%), BMW (-21%), Daimler (-25%), Ford (-33%), Nissan (-29%), and Toyota (-16%) also recorded declines of around 20%.
In particular, Hyundai Kia Motors' market share in Europe is supported by double-digit growth in sales of eco-friendly vehicles such as Kona EV·HEV and Niro EV·HEV compared to the previous year. From January to October, Hyundai Kia Motors' sales of eco-friendly vehicles in Europe increased by 78% year-on-year to 150,252 units. Considering recent monthly sales and year-end demand, it is expected that annual sales will surpass 200,000 units this year.
This year, sales of Kona eco-friendly vehicles (EV·HEV) in Europe increased by 162% year-on-year to 57,417 units, while Niro eco-friendly vehicles (EV·HEV) exceeded this with 63,728 units, up 28.7% year-on-year.
Hot Picks Today
"Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- "Striking Will Lead to Regret": Hyundai-Kia Employees Speak Out... Uneasy Stares Toward Samsung Union
- Man in His 40s Who Kept Girlfriend's Body for a Year After Murder Sentenced to 30 Years in Prison Again on Appeal
- Despite Captivating the Nation for Over a Month... "Timmy" the Whale Ultimately Found Dead
- "If You Booked This Month, You Almost Lost Out... Why You Should Wait Until 'This Day' Before Paying for Flight Tickets"
The strong performance of eco-friendly vehicles in the European market is mainly due to the strengthened environmental fuel efficiency regulations in Europe starting this year. The European Union (EU) has tightened regulations to reduce the average carbon dioxide emissions per vehicle sold from the previous 130g/km to 95g/km starting this year.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
