As strong sanctions have been imposed on Russia, Hyundai Motor Group, which has second-largest share in the Russian market, is also expected to be seriously affected. In particular, the Russian market is the fourth-largest market after Korea, the U.S., and Europe for Kia Motors, the loss of Hyundai Motor and Kia is expected to reach 450 billion won.
According to the industry on March 1, Hyundai Motor sold 171,811 units in Russia last year. It has ranked third with a 10.3% market share. Second-ranked Kia sold 205,801 units, accounting for 12.3% in the market. Although the local brand Avtovaz Lada had the largest share (22.3%), both Hyundai and Kia have seen strong sales in Russia.
By group, Hyundai Motor Group ranked second after Renault Group (Lada). Hyundai Motor Group’s market share is 22.6%, and the combined market share of Renault, Mitsubishi, Nissan, and Lada's share is 33.8%.
Hyundai Motor and Kia’s sales in Russia accounted for 5% and 8%, respectively, of their total global sales last year. In particular, Kia’s sales in Russia were larger than India (7%), China (5%), Asia-Pacific (5%), the Middle East (7%), and Latin America (3%). Russia is Kia’s fourth largest market after Korea (19%), North America (27%), and Western Europe (19%).