Hyundai Kia's World Market Share Hits 92 in Q3

10/30/2014 9:56:52 AM

(MENAFN- Qatar News Agency) Seoul October 26 (QNA) - South Korea's carmakers Hyundai Motor Co. and Kia Motors Corp. held onto their shares of the world automotive market in the third quarter of this year despite the strengthening local currency and a global economic slowdown industry data showed Sunday.

According to Sourth Korea's News Agency (Yonhap) Hyundai and Kia the flagships of Hyundai Motor Group sold a combined 1.89 million cars in the July-September period up 2.7% from a year ago.

The figure accounted for 9% of the global automotive demand of 20.9 million estimated by world research firm LMC Automotive.

Their third-quarter market share represents a 0.1% drop from the second quarter's 9.1%.

Hyundai took up 5.6% with 1.18 million cars sold in the three-month period while its smaller affiliate Kia sold 712000 units to take up 3.4% of the market.

Their combined market share had been on the decline since it hit 9% in the third quarter of 2013. It dropped to 8.5% and 8.3% in the next two quarters before rebounding to 9.1% in the second quarter of this year on the back of the launch of new cars and expansion of production facilities.

Their cumulative share reached 8.8% as of end-September with 5.69 million cars sold throughout the year.

"Popular brands in Russia Brazil and India prompted the growth in overseas sales" said an official from Hyundai.

The official said the company will roll out the new Carnival minivan and the i20 mini car globally in the fourth quarter and the new cars will help the company hold onto the 9% share this year.

Although the carmakers saw their sales climb in the third quarter the sharp appreciation of the Korean won against the US dollar and the Japanese yen hurt their profitability as their overseas sales account for more than half of their business.

A weak yen makes Japanese cars cheaper abroad making Korean cars relatively more expensive and less popular. (QNA)

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