The share of Korean cars in the U.S. market has recovered to its peak level. The Korea Automobile Manufacturers Association (KAMA) announced on Oct. 5 that the market share of Korean car brands in the U.S. rose to 8.9% between June and August. This is the level of 2011 when Korean cars were at their peak in the U.S. market.
In particular, the market share of Hyundai and Kia Motors increased rapidly in light trucks (SUV, mini-van, small pick-up trucks, etc.) that account for 76.8 percent of the U.S. market.
The rate rose from 5.6 percent between December last year and February this year to 6.9 percent after restarting the plant due to the spread of the new coronavirus infection.
It contrasts with most brands that have difficulty recovering their market share after the shutdown, such as GM (-1.8 percentage points), Toyota (-0.3 percentage points), Nissan (-1.2 percentage points), and Mitsubishi (-0.4 percentage points).
KAMA analyzed that efficient inventory management through adjustment of export volume, including quality competitiveness such as the launch of new SUVs (sports utility vehicles) and the highest level of safety, has increased the market share of Korean cars.
Hyundai Motor's Nexo and Genesis G70-G80 won the Top Safety Pick+, the highest grade, in a crash safety assessment conducted by the U.S. Insurance Institute for Highway Safety (IIHS).
Korean carmakers’ faster measures against new coronavirus infections and efforts to maintain plant operation rates have also affected positively.
Korean brands were the only ones that saw a rise from the figure before the suspension of operation with 4.2 percent of inventory at the end of the month.
