Hyundai plans for nearly 50% increase in European market share
The carmaker is targeting a European market share of 5% by 2020, up from the figure of 3.4% in 2013, according to ACEA figures.
In 2013, Hyundai invested more than €500m into its operations in Europe, and opened two new facilities: a test centre next to the Nürburgring track and the purpose-built headquarters of Hyundai Motorsport in Alzenau, home of the Hyundai Shell World Rally Team. Hyundai also expanded its headquarters near Frankfurt and its production facility in Turkey, allowing for production of the new i10 and raising the company's European annual production capacity to 500,000 vehicles.
Hyundai's aim to achieve 5% market share by 2020 will be supported by Product Momentum 2017, which will see the launch of 22 new models and derivatives in Europe during the next four years. The programme's first model, the new i10, went on sale in late 2013 and the second, the new Genesis, was launched at this week's Detroit Motor Show and will be available in limited numbers in selected European markets later in 2014.
Allan Rushforth, senior vice president and COO of Hyundai Motor Europe, commented: ‘The primary aim for Hyundai in 2014 is to continue enhancing the quality of our operations in the region – laying the foundations for a new growth period from the middle of the decade.
‘Many European markets are over the worst of the economic crisis, but recovery will be slow, particularly in the first quarter. Recovering economies will fuel consumer confidence, helping Hyundai to achieve its qualitative targets and providing a firmer basis for profitability. As in 2013, we will continue to develop our sales organically rather than pursuing market share gains at any cost.’
A total of 95% of all Hyundai vehicles sold in Europe are designed and developed in the region, and 90% are now built in the Czech Republic and Turkey.