Hyundai Motor Group’s U.S. market share exceeded 10 percent for the first time last year.
Despite various unfavorable factors, such as the prolonged economic recession and a shortage of automotive semiconductors, the group achieved meaningful results based on robust sales of electric vehicles.
Hyundai Motor Co. and Kia Corp. sold a total of 1.47 million new cars in the U.S. market last year, boosting their combined market share from 9.9 percent in 2021 to 10.6 percent, according to a new car sales report released by Cox Automotive, a market research firm, on Dec. 3.
This marked the first time that Hyundai Motor Group has recorded a double-digit market share in the U.S. market. It ranked fifth after General Motors with 2.25 million units (16.3 percent), Toyota with 2.12 million units (15.3 percent) and Ford with 1.83 million units (13.3 percent), and Stellantis with 1.54 million units (11.1 percent). Honda ranked sixth by selling 970,000 units (7.1 percent).
Hyundai Motor Group narrowed its market share gap with Stellantis from 1.9 percentage points in 2021 to a mere 0.5 percentage point in 2022.
Meanwhile, among the top carmakers, GM was the only company whose sales increased in 2022 compared to 2021. The company’s sales grew 2.3 percent. During the same period, Hyundai Motor Group posted a drop of 1.2 percent, Ford 2.9 percent, Toyota Group 9 percent, and Stellantis Group 13.2 percent. Overall sales in the U.S. market hit 13.86 million units in 2022, down 8 percent from the previous year.