Kia, Hyundai global market share up to 9.1pc in Q2

August 04, 2014 - 12:32:15 pm

SEOUL: The global market share of South Korean automakers Kia and Hyundai is up to 9.1 percent in the second quarter of 2014.

New model launches have propelled growth, a Yonhap news agency report said Monday citing industry sources.

According to the automakers and findings by US-based LMC Automotive, their combined market share topped the 9 percent mark for the first time in three quarters.

The highest market share so far was 9.4 percent reached in the fourth quarter of 2012.

In the three-month period, 21.98 million cars were sold worldwide with sales of Hyundai and Kia hitting just over 2 million units.

The automotive market information provider and company sources said popularity of Hyundai's brand new Genesis premium sedan and its Sonata midsize car, unveiled in late 2013 and early this year, respectively, fuelled demand.

SUVs made by the carmakers along with demand for steady sellers such as Kia's Soul boxy car and Optima sedans buoyed numbers, as well as recognition for quality, design and value by various automotive evaluators and media outlets, they said.

Hyundai and Kia's strategy to build cars designed for large emerging markets such as China, India, Russia and Brazil boosted their sales.

For the first half of this year, combined market share of the two companies stood at 8.7 percent. (QNA)

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