Hyundai Kia to Experience Record Market Share in China
kpride, Sept. 24, 2014, 9:55 a.m.
The Chinese market share of Korean automakers Hyundai and Kia is expected to hit the highest level since 2005 this year. Hyundai and its affiliate Kia said their combined sales in China in the first eight months of this year totaled 1.12 million vehicles, accounting for a 10.6 percent market share and third place in the world's largest car market. Volkswagen ranked first with 22.6 percent followed by GM with 10.6 percent.
A Hyundai spokesman said compact cars modified to meet Chinese tastes are selling well, so are SUVs including the Tucson. Hyundai and Kia's highest Chinese market share was 11 percent in 2005, when the market was scaled at 3.13 million vehicles and they sold 340,000. Their market share is expected to rise even further by the end of the year. Kia rolled out its K4 sedan in China last month, while Hyundai plans to launch the ix25 small SUV, fueling hopes of a jolt.
But they find it difficult to keep up with demand because Hyundai's fourth car plant in China has yet to get the green light from Beijing. Hyundai wants to build the plant in Chongqing in western China, but Beijing would prefer Hebei Province near Beijing. As an alternative, Hyundai is looking into building plants in both places.