Hyundai Motor Group has been outperforming Japanese automakers in several emerging markets, such as India, Vietnam and Russia.
Last month, Hyundai’s market share in India jumped from 23% to 35%, while Maruti Suzuki’s share, which dominated the market for the past four decades, fell to 32% from 32%. 47%. Hyundai entered the Indian market in 1998 and this is the first time they have risen to the top.
Maruti Suzuki was founded in 1981 and the company’s market share in India never fell below 65% until the late 1990s. Currently, the Indian company is still focusing on small sedans. while the popularity of SUVs is gradually increasing in India. Last year, the Hyundai Creta became the most popular SUV model on the market with 96,989 users choosing to buy it. This year, sales of this model have reached 57,342 units as of the end of May.
In Vietnam, Hyundai Motor Group has surpassed Toyota since 2019. In the first four months of this year in Vietnam, the group sold 37,354 vehicles, nearly twice as high as Toyota’s 18,973 vehicles. In the past, Toyota has dominated the Vietnamese market for about 20 years.
In the Russian market, Hyundai has sold 161,409 vehicles, from January to May, in Toyota’s sales inventory stagnating at 40,000 or slightly more. In Brazil, sales in the first five months of this year of Hyundai and Toyota were 80,419 vehicles and 62,094 vehicles, respectively.
For the Congo market, Hyundai has signed a contract to supply 500 Palisades. This SUV won the contract, beating the “veteran” Toyota Land Cruiser. Although Congo is not a big car market, the government contract can help the company expand the market.
In Europe, Hyundai sold 88,171 vehicles last month, up 107.5% from a year ago. Hyundai’s European market share increased from 6.8% to 8.1% between May 2020 and May 2021. This number of market shares reached 8% for the second time after last August. Last month, the Korean group ranked fourth in Europe, behind only Volkswagen Group, Stellantis and Renault Group. In the US, Hyundai is close to catching up with Honda with 174,043 units sold last month, slightly behind Honda’s 176,815 units.
Le Huu according to Business Korea