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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Hyundai Motor and Kia are facing growing challenges in Europe—widely viewed as the “barometer” of the global electric vehicle (EV) market—as Chinese manufacturers expand rapidly with aggressive pricing and sales strategies.
According to the European Automobile Manufacturers’ Association (ACEA) on the 25th, Hyundai Motor and Kia sold a combined 81,540 vehicles in Europe last month, down 1.4% from a year earlier. Hyundai sold 41,137 units (–0.8% YoY), while Kia sold 40,403 units (–2% YoY).
The decline is particularly striking given that the overall European auto market grew 4.9% year-on-year to 1,091,904 units in October. Hyundai and Kia’s combined market share fell to 7.5%, down 0.5 percentage points from the previous year. Individually, Hyundai held a 3.8% share and Kia 3.7%.
Cumulative sales through October show a similar trend. Hyundai Motor and Kia sold 879,479 units in Europe over the first ten months of 2024, a 2.8% decline from a year earlier. Hyundai accounted for 443,364 units, and Kia 436,115 units, with their combined market share slipping 0.4 percentage points to 8%.
Industry analysts say the decline reflects the rapid rise of Chinese automakers in Europe. SAIC Motor sold 250,250 units this year, up 26.6%, while BYD recorded explosive growth—selling 138,390 units through October, compared to just 35,949 units a year earlier, a 285% increase. As a result, Japanese brands such as Toyota, Nissan, and Suzuki are also experiencing significant declines in the region.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
