Hyundai Motor expects first double-digit market share in Brazil

HB20 [Photo provided by Hyundai Motor]

South Korea’s Hyundai Motor Co. is projected to achieve a new milestone of a double-digit market share for the first time in Brazil since it advanced into the South American market in 2012.

Hyundai Motor sold a total of 171,312 vehicles from January to November this year in Brazil, taking up a 9.8 percent share in the market, according to data compiled by Brazilian automobile dealers’ association Fenabrave on Monday.

Expectations are growing that Hyundai Motor could achieve a new milestone in market share of more than 10 percent this year. The previous record-high was 9.9 percent in 2016.

Hyundai Motor advanced into the Brazilian automotive market in 2012. It sold 108,347 vehicles in the first year and claimed a 3.0 percent share. Sales continuously increased, with its market share up to 5.9 percent in 2013, 7.1 percent in 2014 and 8.3 percent in 2015.

For three years in a row in 2017-2019, its yearly vehicle sales exceeded 200,000 units.

Hyundai Motor has made efforts to minimize disruption in output amid a slowdown in the market due to Covid. Last year, it sold 184,284 units, an increase of 10 percent on year and commanded a 9.3 percent share.

Sales growth has been driven by its strategic model exclusive for Brazil, HB20. The second-generation version was launched in 2019, and a revamped version in August this year. Sales of HB20 from January to November this year totaled 89,286 units, the largest among its passenger models and the second-largest among all models.

Cumulative shipments of HB20 up to October this year since the start of operation at its plant in Piracicaba amounted to 1.47 million units, or 82 percent of all models.

Hyundai Motor is spurring efforts to expand its business in Brazil amid a recovery in demand under eased Covid situation. In September, a new engine factory with an annual output of 70,000 units was completed.