In the European Union overall car sales fell last year by 5.5%, while Hyundai saw a rise of 4.4% – a startling contrast. Kia also achieved a rise in market share of 3.9%. In Europe, Toyota has already been over taken over by alliance partners Kia and Hyundai – although market makers claim they do not have a car that appeals to company car drivers.
Car drivers that have relied on purely sales in recent years have been suffering. Due to this Hyundai brought out its economic I-series of small cars and determined to ride the downturn. European governments introduced a scrappage scheme that would pay people to trade in old wrecks for small and fuel-efficient models such as the i10, i20 and i30 that gained popularity in Europe.
Customers also leant towards cars that united the ground clearance and high riding position of a rugged 4×4 car with the driveability of ordinary cars – but were fuel economical. Specifically successful in the market was the ultra modern Hyundai ix35. Following on from this the new design i40 has been aimed at company car buyers in Europe.
Hyundai has seen its sales rise to around 360,000 cars last year, raising its market share to 2.6% from 1.8% in 2008. This year they are hoping for a further 3% and by 2015 an immense 5%. Towards the end of 2011 as the private sector recovers and starts buying cars again it is predicted the i40 will be a major engine in the market. Hyundai will be definitely eyeing the luxury vehicle segment in the future according to industry sources. This is where profit margins are at the highest.
With its cars being significantly more refined than in the past, Hyundai is hoping to give its competitors a run for their money.
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