Hyundai Motor Co. intends to have control of its German imports by buying 65 percent of Hyundai Motor Deutschland GmbH from Emil Frey, the Swiss vehicle dealer. Chang Kyun Han, President of Hyundai Motor Europe, disclosed that with the takeover, the company is "effectively following the incorporation of the biggest and most important importer" into the company.
Having a market share of 2.9 percent, Hyundai is the third largest Asian brand in Europe after Nissan and Toyota, according to the European vehicle industry organization ACEA.
Brand sales in Germany, which is Europe's biggest market, expanded significantly to 73,105 units through October from 19,610 in 1999, leading to a market share of 2.7 percent after 10 months, according to the German motor transport authority (KBA). Hyundai is aiming for sales of 80,000 vehicles in Germany for 2011. Since 1999, Emil Frey has owned a majority of Hyundai Motor Deutschland, which was founded in 1991.
In Germany, Emil Frey also imports Subaru units and operates a dealer network marketing a range of brands including Opel, Ford, Volvo and Fiat. In 2010, the company sold 257,977 autos throughout France, Switzerland, the Czech Republic, Hungary, Germany and Poland, making it the No. 2 dealer group in Europe.
The automaker stated that it will still be working closely with Hyundai in Germany, adding that the strategy, structure, work force and location would stay the same at Hyundai Motor Deutschland following the takeover on Jan. 1, 2012. [source: Autonews]