South Korea’s Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. have raised their stake in Russia's automotive market this year to a record high on the back of strong demand for their mid-sized cars, Yonhap News Agency reported on Wednesday.
The two automakers garnered a combined 13.8% in the Russian auto market in the first eight months, matching a previous record high of 13.8% in 2007.
Hyundai Motor, South Korea's No. 1 automaker, sold 118.43 thousand vehicles in Russia in the January-August period. Kia Motors, the No. 2 player, sold almost 129 thousand units, data of the Association of European Businesses (AEB) showed.
Their market share in Russia fell to 9.7% in 2008 amid the global financial meltdown but has risen steadily since then.
The record market share came more than two years after Hyundai Motor began to roll out two models - Hyundai Motors’ Solaris and Kia Motors' New Rio compacts at its assembly plant in St. Petersburg.
Hyundai builds Kia Motors' New Rio there as its affiliate currently has no facility in Russia.