Hyundai-Kia’s market share hits new high this year

Hyundai and Kia brands’ global market share posted a record high in the first three quarters this year, a market research firm said Sunday.

According to the U.S.-based JD Power, the nation’s top two carmakers, both owned by Hyundai Motor Group, saw their combined market share reach 8.6 percent this year, up 0.1 percent from the same period last year.

Hyundai Motor sold about 3.21 million cars to claim 5.3 percent of global car market, while Kia Motors made up 3.3 percent, selling 2.03 million cars.

Until 2009, their combined market share remained at 7.8 percent globally. But the figure started growing to 8.1 percent in 2010 and 8.5 percent in 2011.

The Korean auto giant became the world’s fifth-largest carmaker in 2011, outperforming the U.S.-based Ford.

Even though the two companies’ growth rate somewhat slowed this year, industry watchers say they defended well the offensive of Japanese rivals that poured vehicles into the market this year after being hit hard by last year’s earthquake in their country.

“With the recent opening of Hyundai’s Brazil plant, we have completed our global manufacturing network, which took 10 years. We will step up efforts for qualitative growth and sustainable management,” a Hyundai spokesperson said.

By Lee Ji-yoon (jylee@heraldcorp.com)