One in 10 mid- and large-sized luxury cars being sold in the United States is produced by Hyundai Motor and Kia Motors, according to a survey released recently.
The global market survey agency Autodata reported that Hyundai Motor and Kia Motors¡¯ share in the U.S. mid- and large-sized luxury markets surpassed the 10 percent barrier in the first quarter of this year. It is the first time the Korean automaker group marked a double-digit market share in the U.S. luxury market.
A combined 7,566 units of Ecuus, Genesis and K9 were sold during the period between January and March, a massive 106 percent jump over 3,676 units during the same period of last year. The figure represents a 10.4 percent share in the mid- and large-size premium market, exceeding the Korean automaker group¡¯s overall market share of 7.9 percent in the first quarter of last year.
The Korean automaker group¡¯s feat in the world¡¯s largest market, was owed greatly to Genesis¡¯ extraordinary performance. Hyundai Motor sold 6,656 units of Genesis during the January-March period, a 2.5-fold surge over 2,653 units in the same period of last year, marking a 9.1 percent share in the premium market, higher than the 3.5 percent share in the first quarter of 2014. During the same period, Ecuus sold 641 units (a 0.9 percent market share), followed by 269 units (0.4 percent share) of K9, also known as K900 in the United States.
Hyundai Motor, which released a new version of Genesis in the United States last April, sold 6,167 units of Genesis in the first quarter of the year, ranking third following BMW 5 Series (12,065 units) and Benz E-Class (I11,234 units).
Genesis, which made its maiden debut in the United States in 2008, sold 6,167 units in the first year, and surpassed 20,000 units in 2012. In particular, Hyundai Motor¡¯s next year release of a new version of Ecuus will likely boost the Korean automaker group¡¯s performances in the U.S. premium market.
Hyundai Motor Breaks Ground on Changzhou Plant in China
Hyundai Motor broke ground on its 4th plant in Changzhou, Hebei Province, China, on April 3.
Hyundai Motor¡¯s Vice Chairman Chung Euisun, Governor of Hebei Zhang Qingwei, Korean Ambassador to China Kim Jang-soo and 600 distinguished guests were present at the ground breaking event.
Vice Chairman Chung said, ¡°We will rewrite the legacy of ¡®Hyundai Speed¡¯ and ¡®Hyundai Miracle¡¯ with our Chinese partners by the construction of this plant.¡±
The Changzhou plant, to be built on 1.92 million square meters of land with a floor space of 250,000 square meters, will be a fully equipped plant with press, body, paint and assembly lines, in addition to an engine plant. Construction will be completed at the end of 2016. It will have a capacity of 200,000 units, producing strategic small cars. An expansion for the plant is already in the works for 2018, bringing its capacity to 300,000.
Hyundai Motor will establish high-tech automotive manufacturing facilities and know-how to make the facility a smart, environmentally friendly plant. By installing the latest automation facilities in press, body, paint and assembly lines, a flexible production system will be in operation. Also, the Changzhou plant will implement a recycling system, including recycling gas emissions, water and waste discharge.
In addition, Hyundai Motor will break ground on its Chongqing plant in the second half of this year to advance into Midwestern China, where demand for cars is expected to surge through government in-land development efforts.