8.6% of US market share from January to November last year
[아시아경제 김지희 기자] The Hyundai Motor Group recorded the highest market share in the US automobile market last year in eight years since 2012. While rivals were shaken by the new coronavirus infection (Corona 19), the sports utility vehicle (SUV) lineup was strengthened and aggressive marketing expanded its position.
On the 30th of last month (local time), the Wall Street Journal reported that the Hyundai Motor Group’s US market share from January to November last year was 8.6%, citing the automobile market research agency Words Intelligence. This is an increase of 0.8 percentage points from the same period last year (7.8%), showing the largest increase among other global automakers. The highest since 2012 in terms of annual market share
It is the SUV that has led the Hyundai Motor Group’s US performance in 2020. Among them, Hyundai’s Palisade and Kia’s Telluride, which are large SUV lineups, were particularly prominent. From January to November last year, Palisade sold 74,538 units and Telluride sold 6,5305 units, taking the lead in US performance.
It is also positive that it has expanded the consumer base by breaking away from the image of’cheap cars’ through a high-end strategy. The share of households with an annual income of $100,000 or more among US buyers of Hyundai Motors rose from 33% in 2015 to 43% last year. Kia Motors also increased from 23% to 36% during this period.
In addition, it was effective that Hyundai Motor Company implemented aggressive marketing, such as exempting installments of up to 6 months when unemployed to promote purchase. Unlike other global automakers that have repeatedly gone through factories due to the Corona 19 epidemic, Hyundai-Kia Motors analyzed that the Korean factory continued to operate without major disruption and responded to demand in a timely manner.
However, it is unclear whether this trend can continue this year when global competitors are expected to normalize supply. The Hyundai Motor Group aims to continue the upward trend with SUVs and eco-friendly cars. An official from Hyundai Motor Group said, “This year’s flagship new car, Tucson, will be released, including Tucson Hybrid and Santa Fe Hybrid, as well as electric vehicles’Ioniq 5’based on a dedicated platform. The Genesis brand is also expected to increase sales as sales of the G80 and GV80 are in full swing.”
Reporter Kim Ji-hee [email protected]