Hyundai, Kia Chinese market share to top 10% next year

Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. are likely to see their combined market share in China exceed 10 percent next year, driven by strong demand for their new models, industry data showed Monday.

According to the data, the automakers' market share in China stood at 9.1 percent in November, the third highest after Volkswagen's 16.4 percent and GM's 12 percent.

Last month's market share marks a rebound from the 7.2 percent in June, but still fell short of this year's record high of 10.1 percent tallied in March.

In the first 11 months of the year, the combined market share of the two Korean automakers stood at 8.8 percent. Their market share came in at 10.4 percent each in 2014 and 2013, after peaking at 10.5 percent in 2012.

But Hyundai and Kia are widely expected to see their market share top the 10 percent level next year as new models such as the new Sportage utility sport vehicle and mid-sized sedan, the new Avante, are set to hit shelves in China.

Hyundai Motor is also set to start its fourth plant in China later next year, which will help expand its footing, company officials said.

"This year, we faced increased competition from Chinese rivals, but next year our new models will help expand our presence there," said an official at Hyundai Motor.

In the January-November period, the market share of Chinese automakers stood at 30 percent, up sharply from last year's 26.4 percent according to the data. (Yonhap)