Fuel-efficient cars boost Hyundai’s market share

Hyundai Motor Co. said it expects to sell more than 600,000 units in the United States this year, bringing the South Korean company’s market share in the U.S. to 5%.  The company is banking on its fuel efficient and lower priced vehicles.  So far, the strategy is working as demand for the Elantra compact car and the Sonata mid-size sedan continues to rise.  Hyundai reported a first quarter net profit of US$1.75 billion. This year, the company has set a goal of selling more than 3,000 Equus models in the United States, in addition to 20,000 units of the Sonata Hybrid sedan in 2012.  Hyundai said it will continue its US$1,000 incentive discount per vehicle for the time being.  The average export selling price for Hyundai’s vehicles is US$14,600. (June 9, 2011)