(MENAFN- Qatar News Agency) Hyundai Motor Co. and its sister Kia Motors Corp. expect to post record market share in major newly industrialized countries this year, sources at the South Korean carmakers said Monday.
Insiders at the two flagship companies of Hyundai Motor Group said combined sales in the BRICs Brazil, Russia, India and China reached 2.34 million units in the 11 months of this year for a market share of 10.9%
This represents a 0.7 percentage point gain from the year before and the highest-ever market share enjoyed by the two companies in these large economies, according to (Yonhap) news agency
At the current rate, the two companies' combined market share in the BRIC economies is likely to exceed 11% for the whole of 2013
Hyundai's sales reached 1.64 million units, while the figure for Kia hit 707,501 vehicles
"The BRIC markets are fiercely contested by all global carmakers, and by making full use of local production plants, we aim to actively compete with established leaders such as Volkswagen AG and GM," an official said
The 10.5% market share reached in the highly competitive Chinese market is especially noteworthy, according to industry watchers. In the first 11 months, Hyundai and Kia have sold more than 1.43 million units in China, the world's largest auto market.
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