Seoul: Hyundai Motor and its smaller affiliate Kia claimed a combined 11 per cent share of the US auto market in the January-May period despite import tariffs, a US market tracker said on Sunday.
The two carmakers posted combined sales of 752,778 units in the first five months of the year, accounting for 11 percent of the U.S. market, according to U.S. Wards Intelligence.
The figure marks a 0.5 percentage-point increase from the 10.5 percent market share they recorded in the same period last year, reports Yonhap news agency.
Hyundai accounted for 5.8 percent with 400,116 units sold, while Kia took up 5.2 percent with 352,662 units.
“The carmakers secured an ample supply of vehicles as part of efforts to minimise the impact of U.S. import tariffs, resulting in the record market share,” an industry official said.
He added that the increased number of gasoline hybrid models in their lineups also helped boost market share in one of the world’s most significant automobile markets.
Global demand for gasoline hybrid models is rising amid a slowdown in electric vehicle (EV) sales.
However, the companies remain cautious, as they may have to raise vehicle prices to reflect the 25 percent auto tariffs that took effect on April 3.
On top of the existing tariffs, U.S. President Donald Trump has said he might further increase auto tariffs “in the not-too-distant future” to defend American autoworkers.
Meanwhile, US President Donald Trump said this month that he might raise tariffs on imported cars “in the not-too-distant future,” as he defended the new 25 percent levies as a move to defend American autoworkers.
Trump made the remarks during a bill signing ceremony at the White House amid concerns that a series of his administration’s new tariffs would weigh heavily on South Korea’s trade-reliant economy.
“To further defend our autoworkers, I imposed this 25 percent tariff on all foreign automobiles, and investment in American manufacturing and auto manufacturing … is surging,” Trump said.
—IANS
