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S. Korean carmakers' global market share falls to 7.7 pct

Corporate Newsroom 15:58 September 18, 2022

SEOUL, Sept. 18 (Yonhap) -- South Korean carmakers' global market share slightly fell to 7.7 percent in the first half from a year earlier amid the extended chip shortage, industry data showed Sunday.

From January to June, Korean carmakers sold a total of 2.1 million vehicles in the world's eight major markets, down 9.9 percent from 2.33 million units during the same period of last year, the Korea Automobile Manufacturers Association (KAMA) said in a statement.

Their market share declined from 7.9 percent a year ago.

The eight markets are the United States, Europe, China, India, Mexico, Brazil, Russia and the Association of Southeast Asian Nations (ASEAN).

Their sales in the U.S. and Europe fell 18 percent and 14 percent, respectively, in the first six months, while sales in Brazil and Russia declined 15 percent and 57 percent, respectively, KAMA said.

KAMA advised the government and local carmakers to collaborate in order to cope with stricter regulations on combustion engine cars in Europe and the U.S. passage of the Inflation Reduction Act (IRA) excluding electric vehicles (EVs) built outside the U.S. from tax credits.

The new law is expected to deal a blow to Hyundai Motor Co. and Kia Corp., the country's two biggest carmakers, which manufacture all of their EVs at home for export to the U.S.

The three other carmakers operating in Korea are GM Korea Co., Renault Korea Motors and SsangYong Motor Co.

This file photo provided by Hyundai Motor Group shows Hyundai Motor Co. and its affiliate Kia Corp.'s headquarters in southern Seoul. (PHOTO NOT FOR SALE) (Yonhap)

kyongae.choi@yna.co.kr
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