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Hyundai Motor is reportedly close to reaching a double-digit market share in the Brazilian market in terms of sales. The South Korean attained this level for the first time since entering Brazil.
Based on the Brazilian Automobile Dealers Association’s statistics record, Hyundai Motor was able to sell a total of 171,312 vehicles in the country between January and November this year. With this sales record, the automaker secured a 9.8% market share. The brand placed fourth as a result in terms of sales, following Fiat, GM, and Volkswagen.
According to The Korea Times, this achievement pushed Hyundai Motor to have a renewed aim of further expanding its presence in the country. Now the attention is being directed to the company to see if it can actually reach a double-digit market share record before this year ends.
The company already set a record annual market share of 9.9%, and it could be more than 10% this year, which Hyundai Motor is hoping to happen. The car brand first landed in the Brazilian market in 2012, and it immediately sold 108,347 vehicle units in its first year there. At that time, it ranked eighth in sales after getting a three percent market share.
Since then, Hyundai Motor’s sales volume has slowly increased, and its market share has also improved - it rose to 5.9% in 2013, 7.1% in 2014, and 8.3% in 2015. From 2017 to 2019, the company’s annual sales went beyond 200,000 vehicles. However, its sales ranking dropped to seventh in 2019 as sales volumes of Ford Motor, Toyota Motor, and Renault soared. As a result, Hyundai’s market share fell to eight percent as well, as per The Korea Herald.
"This is a sign that Hyundai's marketability is being recognized in the Brazilian car market, and we will strive to give satisfaction to our customers by selling local strategic models steadily," an official of Hyundai Motor Group stated with regard to its aim of achieving a two-digit market share level. "As the Brazilian market is an emerging market with high potential for future development, we will continue our efforts to capture the hearts of customers with local strategic models."
