Hyundai - Kia Motors, hit record-low below 60% Korean Market share
Hyundai-Kia Motors' market share in domestic market in October was below 60% because of union's long-term strikes and production disruptions stemming from typhoon inundation have stalled.
However, the three domestic automakers such as GM Korea, Renault Samsung Motors, and Ssangyong Motors and import car makers boosted their market share thanks to the new car effect despite the cool domestic demand downturn after the end of the individual consumption tax.
According to the five imported carmakers and the Korea Imported Car Association, the number of vehicles sold in the domestic market last month was 147,272. Hyundai and Kia accounted for 58.9% of the total, with sales of 87,220. It is 3.2P lower than last month. Domestic market share, which was above 70% by early this year, has fallen more than 10% p.
The combined sales of both companies increased by 8,000 units compared to the previous month, but their market share fell sharply as competitors' sales volume increased sharply. Hyundai Motor sold 47,186 units in the domestic market last month, increasing by about 6,000 units compared to the previous month, but its market share stood at a record low of 31.9%. Kia Motors also sold 42,434 units, up 2,000 units from the previous month, but its market share was 27.0%.
The biggest reason for the drop in the share is the union strike. Ssangyong Motor and GM Korea have concluded negotiations earlier this year, and Renault Samsung, which was concluded earlier this month, was not disrupted by the dispute-free negotiations. Kia Motors, which lost 1.9 trillion won in losses, is on the verge of a pro-and anti-unanimous vote on Wednesday.
Meanwhile, GM Korea, Malibu, Renault Samsung, SM6 and QM6, Ssangyong, such as the new car, such as the new car took a leap forward. Domestic market share in Korea last month was 11.3%, Renault Samsung 9.0% and Ssangyong 6.4%. The combined market share of the three companies rose to 26.6%, up 12.1% p from January.
Mercedes-Benz and BMW, including Audi Volkswagen, have been selling imported models for most of the models, with sales of more than 20 percent rising for the third consecutive month. Domestic market share of imported cars last month reached 14.0%, the highest level this year.
A Hyundai Motor's official said, "Hyundai Motor hasn't made any major changes to power trains or designs for newer models like the Sonata and Elantra, whereas rivals such as General Motors Co (GM.N) have come up with more competitive and diverse models,"