Hyundai Motor and Kia market share increased from 3.1% to 2.1% in Chinese market, Auto News, ET Auto

Hyundai Motor (left) and Kia (right)

Seoul:

Hyundai Motor and Kia sales continued to decline in the Chinese market.

According to the China Passenger Car Association (CPCA), the combined share of Hyundai Motor and Kia in the Chinese market fell 1% from 3.1% (2.2% for Hyundai Motor, 0.9% for Kia) in November of last year to 2.1% (1.4% Hyundai Motor, 0.7% Kia) in November of this year.

Retail auto sales fell 13% year-on-year to 1,845,000 units in the Chinese market last month. Sales of passenger cars (including sedans, SUVs and people carriers) fell 13% to 1,816,000 units and sales of commercial vehicles fell to 28,000 units, like last year. However, the performance of Hyundai Motor and Kia was well below the market average.

Retail sales of Hyundai Motor Beijing fell 42% year-on-year to 26,000 units in November, and those of Dongfeng Kia fell 30% to 13,000 units.

Hyundai Motor Group sales have declined significantly in the Chinese market since the THAAD crisis of 2016. Hyundai Motor is reorganizing local business organizations by selling its Beijing plant, Hyundai Motor’s first global production plant.

Hyundai Motor launched several new models and launched the Genesis brand to drive sales in the Chinese market, which has a strong influence on the global electric vehicle (EV) market. However, performance continued to slow, with just 69 units of the strategic “Mistra EV” model released earlier this year, sold from March through September.

On the other hand, electric vehicle manufacturers such as Tesla and BYD and China’s Geely Automobile recorded strong sales performance. Tesla and BYD sold 32,000 units and 90,000 units respectively in November. Tesla’s market share was 1.7% (+ 0.7%) and BYD was 5.0% (+ 3.7%). Geely Automobile sales fell 12%, but market share rose 0.1 point.

Japanese and European brands also saw a decline in their market share.

Song Seon-jae, analyst at Hana Financial Investment, said, “Retail sales in China were down 13% year-on-year in November. This has been affected by various factors such as chip shortages, the COVID-19 pandemic, and declining consumer demand due to the recession. Song said, “The production disruptions caused by semiconductor shortages have been relatively resolved. CPCA expects component shortages to be further alleviated.

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“The semiconductor and input cost issues are global in nature, but things are improving. However, it is very difficult to give an exact timeline as to when we will overcome these problems. “

Tesla, which manufactures Model 3 sedans and Model Y sport utility vehicles in Shanghai, sold 54,391 Chinese-made vehicles in October, of which 40,666 were exported.


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