[THE INVESTOR] Hyundai Motor and its smaller affiliate Kia Motors are struggling to increase car sales in Russia, with their combined sales declining more than 10 percent in the first half of this year compared to a year ago.
In the January-July period, the Korean duo sold 156,743 vehicles, down 13.5 percent from a year ago, in Russia where the total car sales suffered a 14.4 percent fall amid a prolonged economic recession.
In July alone, Hyundai sold 12,251 vehicles, down 12 percent on-year, while Kia’s car sales declined 11 percent to 11,841 vehicles. For Hyundai, it was a fall for the 18th consecutive month.
With no immediate signs of recovery, Hyundai and Kia are expected to sell a combined 260,000 to 270,000 vehicles in Russia for the whole year, about 100,000 vehicles less from 2013, their best year selling 379,171 vehicles.
Currently, Kia and Hyundai are the second- and third-largest carmaker in Russia, following the nation’s own brand Lada. Their combined market share stood at 20 percent -- Kia’s 10.4 percent and Hyundai’s 9.6 percent.
