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Environment Minister Lee Maan-ee takes the driver’s seat of the LPI Hybrid edition of Hyundai Motor’s compact Avante during the International Exhibition on Environmental Technologies & Products 2009 at Seoul’s COEX Hall, Tuesday. Standing at right is Yang Woong-chul, president of Hyundai’s auto research and development division. / Courtesy of Hyundai Motor |
 By Kim Hyun-cheol
Staff Reporter
Hyundai-Kia Automotive Group is recording the fastest growth among foreign carmakers in the U.S. market, filling the vacuum left by the troubled ``Big Three'' automakers.
In the January-to-April period, General Motors (GM), Ford and Chrysler sold 1.77 million vehicles in total in the U.S. for a combined 44.7-percent share, down 3.6 percent year-on-year in the wake of the bankruptcy protection for GM and Chrysler, according to industry experts.
All foreign makers benefited from the decline, but none of them outperformed the Korean maker in the first four months of the year.
Hyundai's market share rose 1.3 percentage points to 4.2 percent, while Kia also grew 1.0 percentage point to 3.1 percent.
Gains by Japanese makers were well behind ― while Honda and Nissan rose 0.4 percent and 0.1 percent respectively, Toyota lost by 0.6 percentage points to 16.2 percent in the four-month period.
Among European companies, Volkswagen led the way with a 0.7-percentage points growth to a 3.6 percent market share.
Hyundai lured new customers with its upscale Genesis sedan, and its latest Genesis coupe has also received positive reviews.
Korean analysts already expected Hyundai-Kia to benefit from the slumping U.S. giants.
GM started June by filing a request for court protection with a government-supported plan to create a more competitive maker worldwide, while Chrysler is already operating under court protection. Ford is facing $33 billion in overall debt.
``This is a chance for Hyundai-Kia Automotive Group to expand its share in the U.S. market. A slowing economy encourages consumers to seek cars that give more value for money,'' KB Investment & Securities analyst Sohn Myung-woo said, referring to the Korean maker's edge in compact- and small-sized models.
A recent report from Automotive Lease Guide, which specializes on used car and trade-in values, said Hyundai is estimated to register the highest gain in brand value this year among all makers.
hckim@koreatimes.co.kr
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