Korean Media: 1.14 Million Myth Is Over, Hyundai's Share in China Below 1%!
On May 30, South Korean media outlet Economic Global published an article stating that China was once a "land of opportunity" for Hyundai Motor. In 2016, the company achieved its sales record in the Chinese market, with sales exceeding 1.14 million units. Considering that Hyundai’s domestic sales in South Korea were approximately 710,000 units last year, the importance of the Chinese market to Hyundai at that time was self-evident.
China surpassed the United States in 2009 to become the world’s largest automotive market. For Hyundai Motor, it was not merely an overseas market. In 2016, Hyundai reached its peak performance, when passenger vehicle sales in China soared to 23.834 million units. In this market with the largest demand globally, Hyundai’s success or failure directly determined its global sales ranking and brand standing.
However, since 2016, Hyundai’s sales in the Chinese market have consistently declined.
The sales trend over the past three years clearly reflects its weakening performance. Hyundai sold 250,000 vehicles in China in 2022, 242,000 in 2023, and only 125,000 in 2024. Although last year’s sales slightly rebounded to 128,000 units compared to the previous year, it still falls far short of its former glory. Its market share is approximately 0.53%. This means that the core brand of the world’s top-three global automaker group, Hyundai Motor, holds less than 1% market share in the world’s largest market.
Control has now shifted to Chinese companies. Data shows that in 2020, domestic brands accounted for only 38.4% of the Chinese passenger vehicle market. By 2022, this share had nearly reached half, reaching 49.9%, and surged further to 65.2% in 2024.
Last year, this upward trend continued. The market share of Chinese brands reached 69.5%, approaching 70%.
A South Korean automotive industry insider said: “I test-driven a high-end hybrid model from a Chinese brand, and I couldn’t find any flaws in driving performance, braking, or steering precision. It truly impressed me—it can rival global automakers.”
He added: “For mass-produced electric vehicles priced around 30 million won, the gap is even more pronounced. It’s not just about ‘it’s quite well-made’—in my opinion, it’s significantly better than Hyundai’s offerings.”
Thus, the Chinese market is no longer as easily accessible as it once was. As local brands seize opportunities by raising prices and synchronizing technology, foreign automakers are finding their foothold shrinking. Nevertheless, Hyundai is once again turning its eyes toward China. Under CEO José Muñoz, the company is implementing a new management system and beginning a comprehensive overhaul of its business strategy in China, launching a “return to China” initiative. Its goal is to achieve annual sales of 500,000 units by 2030.
Original Source: toutiao.com/article/1866614120012812/
Disclaimer: The views expressed in this article are solely those of the author.