Hyundai Plans to Keep Its European Market Share Up in 2013 image

Although the European market is expected to shrink by 3%-5%, Hyundai plans to keep the 3.5% share it reached last year.

“2013 will be a year of consolidation before we aim to grow further in 2014,” said Allan Rushforth, Senior Vice President and COO of Hyundai Motor Europe.

Hyundai managed to steadily increase its share of the European market from 1.8% in 2008, becoming one of the biggest selling individual brands besides its Korean partner, Kia, and Germany’s VW. Hyundai chose to focus most of its European production in the low-cost Czech Republic market and Turkey, not in Korea.

Hyundai managed to increase its market share over the past five years by introducing 15 new models, including the i30 compact car, which was designed and manufactured in Europe for this market. the automaker announced that this year see fewer new models, only the revamped Santa Fe SUV and a new model of the i10 small city car towards the end of the year. Hyundai and Kia expect to see a sales increase of 4% this year to 7.4 million units, from 7.1 million units in 2012, an increase of 8% from 2011.