Hyundai Motor posted positive gains in the European car market during the first quarter, in line with the company’s qualitative growth targets set out at the beginning of 2014.
In Europe’s top five markets by volume[1], Hyundai increased sales to private customers and corporate fleets during the first three months of the year by 16% and 17% respectively – ahead of industry growth in both sectors.
Allan Rushforth, Senior Vice President and COO of Hyundai Motor Europe, commented: “There are some positive signs of underlying, organic industry growth in the first quarter – and we’re delighted that Hyundai is growing its business in profitable areas.”
“We’re investing in the building blocks for long-term, sustainable growth that will help us achieve our goal of 5% market share by 2020.”
The introduction of the Hyundai New Generation i10 has spearheaded growth in the first quarter, with 58,000 orders taken since the car’s launch at the end of 2013. The A-segment challenger is already making a positive contribution to the company’s bottom line, with 82% of buyers selecting the car’s top trim level – a 52% increase in uptake over the previous model.
Hyundai buyers in the first quarter have also been taking advantage of attractive financing offered by the company. Hyundai’s finance penetration has increased by 25% across the top five markets, and now stands at 40.5%.
“Customers are now willing to pay more for a Hyundai, thanks to the progressive value package we offer across Europe,” Rushforth added.
With registrations of 109,320 cars, Hyundai took a 3.3% share of the European new car market during the first quarter 2014, according to figures released today by European automotive industry body ACEA.
[1] Germany, United Kingdom, Italy, France and Spain
