Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. saw their global market share drop slightly last year despite an increase in sales, industry data showed Thursday.
The two South Korean carmakers sold a combined 7.76 million cars last year in global markets, up about 46,000 units from 2014, according to the data.
The sales accounted for 8.7 percent of the 89.1 million cars sold worldwide, down slightly from the previous year's 8.8 percent, the data showed.
Their market share dropped as low as 8.5 percent in the first half in the face of ramped-up competition by local rivals, including those in China armed with price competitiveness.
By launching such new car models as the Avante, Tucson and Sportage in global markets, Hyundai and Kia recouped some lost ground in the second half, when their market share rose to 8.9 percent.
The drop in their annual global market share was the first decline in years. The share had stood unchanged at 8.8 percent for the previous three years following a marked 0.6 percentage point hike in 2011.
Hyundai, Kia's global market share drops in 2015
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. saw their global market share drop slightly last year despite an increase in sales, industry data showed Thursday.
The two South Korean carmakers sold a combined 7.76 million cars last year in global markets, up about 46,000 units from 2014, according to the data.
The sales accounted for 8.7 percent of the 89.1 million cars sold worldwide, down slightly from the previous year's 8.8 percent, the data showed.
Their market share dropped as low as 8.5 percent in the first half in the face of ramped-up competition by local rivals, including those in China armed with price competitiveness.
By launching such new car models as the Avante, Tucson and Sportage in global markets, Hyundai and Kia recouped some lost ground in the second half, when their market share rose to 8.9 percent.
The drop in their annual global market share was the first decline in years. The share had stood unchanged at 8.8 percent for the previous three years following a marked 0.6 percentage point hike in 2011. (Yonhap)
