South Korean carmakers' global market share falls to 7.7%

Their market share declined from 7.9 per cent a year ago.
Representative image
Representative image

SEOUL: South Korean carmakers' global market share slightly fell to 7.7 per cent in the first half from a year earlier amid the extended chip shortage, industry data showed on 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 per cent 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 per cent a year ago.

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

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

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