Hyundai, Kia expect BRIC market share to exceed 11 percent this year
(UPI Business News Via Acquire Media NewsEdge) South Korean automakers Hyundai and its Kia Motors expect their combined market share in BRIC nations to top 11 percent this year, sources told Yonhap News.
BRIC nations are Brazil, Russia, India and China.
Sources at the two companies told Yonhap Monday their combined sales in the BRICs in the first 11 months of this year totaled 2.34 million units for a market share of 10.9 percent, up a 0.7 percentage from last year.
At current rates, the two companies' combined market share in the BRIC economies is expected to exceed 11 percent for all of 2013, Yonhap quoted its sources as saying.
Hyundai's sales in the first 11 months of this year totaled 1.64 million units, while Kia sold 707,501 units, the report said.
"The BRIC markets are fiercely contested by all global carmakers, and by making full use of local production plants, we aim to actively compete with established leaders such as Volkswagen AG and GM," an official said.
In the first 11 months, Hyundai and Kia together sold more than 1.43 million units in China alone, which is the world's largest auto market.
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