New york: Hyundai Motor Co. and its affiliate Kia Corp. have successfully claimed an 11 percent share of the U.S. auto market between January and May, despite facing challenges such as import tariffs. The two carmakers achieved combined sales of 752,778 units during this period, according to U.S. Wards Intelligence.
According to Yonhap News Agency, the market share reflects a 0.5 percentage-point increase from the previous year's 10.5 percent in the same timeframe. Hyundai alone accounted for 5.8 percent of the market with 400,116 units sold, while Kia contributed 5.2 percent with 352,662 units.
An industry official commented that the companies secured a sufficient supply of vehicles to mitigate the impact of U.S. import tariffs, leading to the record market share. The official also noted that the introduction of more gasoline hybrid models in their lineups supported this growth in one of the world's major automobile markets. As global demand for gasoline hybrid models grows amid declining electric vehicle sales, Hyundai and Kia are well-positioned.
However, both companies remain cautious about future developments. They might have to increase vehicle prices to accommodate the 25 percent auto tariffs implemented on April 3. Compounding the uncertainty, U.S. President Donald Trump has indicated the possibility of further increasing auto tariffs to protect American autoworkers.