Signs of Recovery in the European New Car Market... Fierce Battle for 3rd Place Between Hyundai and Renault
[Asia Economy Reporter Choi Dae-yeol] Hyundai Motor and Kia sold 82,059 units in Europe last month. Sales volume decreased by about 4.9% compared to the same period last year, and their market share also slightly declined to around 9.0%.
According to the new registration results announced by the European Automobile Manufacturers Association on the 17th, passenger car sales in Europe reached 910,753 units last month, an increase of 14.1% compared to the same period last year. The European new car market had consistently shown negative growth compared to the previous year since the beginning of this year but switched to positive growth from August, continuing an increase for three consecutive months.
By manufacturer, the Volkswagen Group sold 232,024 units, increasing sales by nearly 40% during the same period. Their market share solidified at 25.5%, maintaining the top position. The second highest market share was held by Stellantis, which sold 163,012 units, recording a 17.9% market share.
Hyundai Motor and Kia’s market share dropped by 1.8 percentage points compared to the same period last year, falling to fourth place. The Renault Group ranked third in monthly sales with 82,905 units sold.
Among the top manufacturers, Toyota saw the largest increase in market share, with sales rising by nearly 42%. Last month, Toyota’s sales in Europe totaled 68,391 units, ranking fifth. Following were BMW (7.1% market share), Mercedes-Benz (5.5%), and Ford (5.1%).
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Based on cumulative sales from January to October this year, Hyundai Motor and Kia held the third largest market share at 9.8%, selling 903,336 units during this period. Compared to January to October last year, sales increased by 5.4%. Among major automakers, only Hyundai Motor and Kia and Toyota showed an increase in cumulative sales. Based on annual cumulative market share, Volkswagen Group and Stellantis maintained first and second place with 24.6% and 18.8%, respectively.
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