The market capitalization of Hyundai Motor Group ― comprising Hyundai Motor and Kia Motors ― has fallen sharply, largely due to a stronger won and weak sales performance.

Hyundai and Kia’s market capitalization recorded $35 billion and $19.4 billion, respectively, as of Friday, according to a Samsung Securities’ report.

The figures led the group’s ranking drop to No. 8 from No. 5 in early March last year, and it was overtaken by Honda, Ford and General Motors, data showed.

Market watchers attributed the change to the won’s appreciation, which took a toll on the group’s overall operating profit.

The won has appreciated to a more than seven-year high over the Japanese yen last month, while rising to a nine-year high against the euro, according to data compiled by Bloomberg.

Hyundai and Kia’s operating profits plunged 18.1 percent and 30.5 percent on-year in the first quarter, respectively, while Toyota saw a 25.7 percent increase and Daimler AG saw a 41 percent surge during the same period.