Despite growth in the European market, Hyundai Motor and Kia's market share7fell to the % range
The European auto market4in7.0grew by %, but Hyundai Motor and Kia's combined sales in4were flat at8ten thousand8,586units. Their cumulative market share from1through4stood at %, down to7.5%.
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According to the European Automobile Manufacturers' Association (ACEA),4the European auto market in7.0grew by % year on year. Over the same period, combined local sales by Hyundai Motor and Kia totaled8ten thousand8,586units. The market expanded, while the companies posted mixed results.
4As of7.7the companies' combined market share was %, down0.6percentage points year on year. Hyundai Motor4recorded a double-digit decline in4, while Kia fared relatively well as its sales rose in
1From4through34cumulative sales totaled8,582ten thousand2.4units, down % from the same period a year earlier. The decline in cumulative sales reflects the performance trend from the start of the year. Differences between the brands were also evident in the cumulative figures.
1~4The combined share for the month was 7.5%, down 0.5percentage points year over year. The decline in share reflects changes in the competitive landscape in Europe. The company needs to reassess its position in the European market.
Results varied by brand. Hyundai Motor 1~4recorded a 7.8% decline in the month. Kia rose 2.8% over the same period.
Kia's cumulative sales from 1~4 through the month totaled 18ten thousand8,274 units. Hyundai Motor's cumulative sales from 1~4 through the month totaled 16ten thousand308 units. Kia maintained its sales lead on a cumulative basis.
Chinese brands BYD and Chery 1~4continued to post triple-digit growth in the month. Reports said the sharp rise of Chinese brands is putting pressure on their market share in Europe. The reshaping of market shares is becoming a reality.