Palisade
The US market share of Hyundai and Kia Motors increased to 8.6%. It is the highest since 2012, which was considered a heyday. Since last year, it is evaluated that the strategy focused on selling sports utility vehicles (SUVs) is shining.
Telluride
According to Words Intelligence, an automobile research firm on the 31st, Hyundai and Kia’s US market share from January to November last year recorded 8.6%. It increased 0.8 percentage points from 7.8% in the same period last year. It is also the highest since 2012 (8.7%). Unlike other automakers such as General Motors (GM), Volkswagen, and Toyota struggling in the US market due to the novel coronavirus infection (Corona 19), Hyundai and Kia are growing.
It is an analysis that the success of the new SUVs of Hyundai-Kia Motors is the main reason. In particular, the large SUV Palisade (Hyundai Motors) and Telluride (Kia Motors) released in 2019 gained great popularity. Hyundai Motor Venue, a small SUV, also received favorable reviews among young people. From January to November last year, Hyundai and Kia’s SUV sales totaled 69,2698 units, up 3.6% from the same period last year. Hyundai-Kia’s U.S. SUV lineup from only six in 2015 has also increased to 12 in five years.
The proportion of SUVs in total sales is also increasing. The proportion of SUVs among Hyundai-Kia’s products (including Genesis) sold from January to November of last year was 62.9%, an increase of 7.5 percentage points from the same period last year (55.4%).
The’advancing’ strategy also worked. As Hyundai Motor Company’s luxury car brand Genesis launched the G80 and GV80 in the U.S. market, the proportion of households with an annual income of $100,000 or more among Hyundai Motor customers increased to 43%. This share was only 33% five years ago. During the same period, Kia Motors also saw a jump in the proportion of customers over $100,000 from 23% to 36%.
Hyundai-Kia Motors is expected to achieve a 7% market share for the first time in Europe. An official of the company said, “When competitors stopped production due to Corona 19, the domestic factory was operated normally to minimize production disruption.”
Reporter Sunah Lee [email protected]
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