Hyundai aims to increase its U.S. market share to 4.5 percent this year
By Andrew C., 30 Aug, 2010. 0 Comments
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In an interview with Reuters, Hyundai's US sales chief David Zuchowski said that there's a good chance that its US sales will hit the 500,000 unit mark for the first time in 2010. Hyundai was one of the few car companies that were able to raise their sales in the US market last year. When US industrywide sales dropped 21%, Hyundai's US sales increased 8% to 435,064 units. This sales record made it expand its US market share from 3% in 2008 to 4.2% in 2009. At the the National Automobile Dealers Association convention in Orlando, Florida, Zuchowski said that the â500,000 number is a magical number.
In a separate interview, Hyundai U.S. chief executive John Krafcik, said that it is unlikely that it would be able to match its 1.2-percentage-point gain in U.S. market share in 2010. Zuchowski agreed with this statement, explaining that while Hyundai may gain a share due to a drop in Toyota sales in 2010, General Motors Co. and Chrysler Group LLC won't be as weakened as they were when they were in bankruptcies in 2009.
It's of course no secret that Toyota Motor Corp. has been suffering under the weigh of massive safety recalls that have devastated its sales and financial results. These recalls also damaged its reputation for quality. Hyundai, GM, Ford Motor Co. and Chrysler were fast on the heels of exploiting this opportunity and are all offering $1,000 in incentives to those who traded in their Toyota vehicles. Krafcik said that it is unclear if the offer of incentives will extend after February.
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