Hyundai Motor, Kia's combined sales fall in China amid sluggish demand
Seoul, Oct 25
Hyundai Motor and Kia's combined retail sales in China fell below 10,000 vehicles for the first time this year in September amid sluggish demand, industry data showed on Sunday.
Hyundai Motor's sales plunged 47 percent on-year to around 4,000 units last month, while Kia's dropped 31 percent to 5,000, according to a Hana Securities report based on China Passenger Car Association (CPCA) data.
Their combined sales fell 39 percent to approximately 9,000 units, with their market share slipping to just 0.6 percent from more than 10 percent in the mid-2010s, reports Yonhap news agency.
The automakers have struggled to revive sales despite introducing electric vehicles (EVs) tailored to the Chinese market.
Hyundai's China-specific electric SUV Elexio sold just 251 units in the first nine months of this year, compared with 1,216 in the final three months of last year.
The Ioniq V, Hyundai's first China-specific model under its Ioniq brand, sold 558 units in September.
Meanwhile, Hyundai Motor said in August it plans to expand its overall production capacity by 1.27 million units by 2030 while rolling out more than 100 new and updated models to strengthen its presence in the global market.
Hyundai Motor CEO Jose Munoz outlined the plans at its CEO Investor Day event in Seoul as it seeks to bolster its competitiveness amid intensifying competition, particularly from Chinese rivals.
The South Korean automaker said it plans to introduce scores of brand-new or updated models within the decade, including facelifts, partial redesigns and other variants, with 18 all-new models included in the lineup.
The company plans to launch the Genesis GV80 hybrid in South Korea and the United States later this year, followed by an extended-range electric vehicle (EREV) in the first half of 2027.
The Tucson SUV, one of Hyundai Motor's bestselling models, and its hybrid variants are also scheduled for launch in the second half of this year.
To support its expanded lineup and sales targets, Hyundai Motor plans to significantly increase its global production capacity by 2030, up from about 5 million vehicles at present.
— IANS
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