Hyundai, Kia Claw Back 70% Share of Domestic Market

      February 05, 2016 11:58

      Hyundai and affiliate Kia accounted for 71.6 percent of the domestic car market last month, regaining more than a 70-percent share for the first time in 20 months.

      Last September their combined market shares fell to 64.9 percent.

      Lee Hang-koo at the Korea Institute for Industrial Economics and Trade partly attributed the recovery to the release of Kia's K7 large sedan, which pushed the automaker's share up 4.6 percent. But he warned it could drop again since there are no new models in the pipeline for a while.

      Meanwhile, sales of imported cars in January plunged 18.5 percent compared to the same month last year to 16,234 units, according to the Korea Automobile Importers and Distributors Association. It was the first decline in over four years.

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