Korea Week: Hyundai Writes Off 2011 In Europe. Or Not
The Economic Times of India reports that Hyundai is worried about Europe. Hyundai Europe’s Vice President, Allan Rushforth, felt positive about 2010. “This year we’ll probably achieve 2.7 percent market share in a market of around 13.49 million,” he said. But with regards to 2011, he poured cold water on that year. “Next year will be really interesting. We have yet to see scrappage washout – the year-on-year effects of scrappage from the reported registration data…..I think the first half-year will be really, really tough.”
Reuters has a different story.
Who’s in their crosshairs? GM. “The difficulties that Opel GM.UL have experienced over the past one and a half years have given us an opportunity. They’ve lost market share and we’ve stepped into that vacuum, along with others,” this Rushford said.
And then there’s Toyota.”There’s no doubt we are increasingly on the Toyota owners’ shopping list when it is time to replace their car.”
Sure, the European market size is expected by Rushford (and just about everybody else) to be flat in 2011 at around 13.5 million vehicles, with a particularly tough first half, and will start to grow again only in 2012. But Hyundai wants a bigger chunk of it.
Maybe there are two Rushfords. Rushford and his evil twin who talks to the Indians?
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I am an admirer of Hyundai in the US but they have very little chance of great success in Europe. Just because they are doing well in the US does not translate into Europe. Citing Toyota is irrelevant since Toyota has around 4-5% market share in the EU27 - not exactly a powerhouse (unlike the US). Does anyone really think VW, Peugeot/Citroen, Renault, Ford or Opel is really going to give up market share? GM is cited - the Corsa is aware winning, a new Astra is imminent, the Insignia was car of the year in 2009 (and is well regarded as the Buick Regal). Europeans have historically not accepted Asian makes as shown by Subaru, Honda and Toyota's poor showing relative to the US. Time will tell.
I am an admirer of Hyundai in the US. But they have very little chance of substantial success in Europe. The two markets are a world apart. Honda and Toyota do very well in the US and sell 5-6% market share combined in the EU27. Pathetic really. Subaru is another Asian make that does well in the US but not Europe (plenty of liberals and cold weather so they should do well!!) Anyone think VW, Peugeot/Citroen, Renault, Ford and GM are going to give up market share? GM was cited but they have well regarded cars - Corsa is award winning, new Astra is imminent, Insignia is 2009 car of the year. Toyota was cited - they have done badly in Europe because bland and boring does not sell as well in the EU as it does in the US. Hyundai are more interesting but not compared to home grown brands.