Hyundai Motor is on track to boost its domestic market share up to 40 percent again, thanks to the new car effect of its brand-new Grandeur and Sonata models. Kia Motors expect the Stinger and Stonic to contribute to increasing its domestic market share in the latter half of this year.
According to industry sources on July 3, domestic car sales reached 738,730 units in the first five months of this year, down 1.4 percent from 749,189 units a year ago.
Unlike the first half of last year when domestic car sales gained a boost from the government's individual excise tax cut, a special momentum like this has lacked so far this year.
Despite the decline in overall sales, Hyundai Motor saw its sales rise 0.6 percent to 282,946 units, with its market share estimated at 38.3 percent. After staying above the 40-percent level until 2014, Hyundai Motor's domestic market share slipped to 39.0 percent in 2015 and 36.3 percent last year.
Kia Motors sold 208,828 units in the January-May period of this year, with a share of 28.3 percent. For the full year of 2017, the combined domestic market share of Hyundai Motor and Kia Motors is expected to reach 70 percent this year, first since 2013 (71.4%).
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