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KG Mobility, Renault Korea threaten Hyundai, Kia in midsize SUV market
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KG Mobility and Renault Korea Motors have made strong challenges with their new models in the midsize SUV segment, which has been largely dominated by Hyundai Motor Group, according to industry data on Monday.
According to the Korea Automobile and Mobility Industry Association, KG Mobility's Actyon and Renault Korea's Grand Koleos, both SUV brands introduced this summer, sold 1,686 units and 3,900 units, respectively, in September.
Their combined market share totalled 24.8 per cent in the total domestic midsize SUV market last month, reports Yonhap news agency.
The joint market share of the two models has shown an increase since their launches in August. The joint share of the Actyon and Grand Koleos jumped 19.7 percentage points from the 5.1 percent reading in August.
During the same period, the market share of Hyundai Motor Group's Santa Fe and Sorento together have shown a steady decline.
In July, Kia's Sorento and Hyundai's Santa Fe held a 64.7 percent share in the segment, but following the launch of competing new models from KG Mobility and Renault Korea, their share fell to 56.8 percent in August and further down to 53 percent last month.
Given how the Actyon and Grand Koleos have gained a higher market share than what Hyundai Motor Group lost during the period, industry watchers suggest that the two models have also absorbed demand from non-competing models as well.
Industry experts view the introduction of new competitive models into the midsize SUV lineup, which has remained largely unchanged for years, as a positive development that offers consumers more choices.
Meanwhile, Kia said on Monday it has released a revamped version of its Carnival minivan model with a suite of improved safety and convenience features along with upgraded value proposition.
Kia has reinforced the steering control system of the Carnival to improve the model's lane-keeping assistance feature, and has added steering wheel grip detection sensors using capacitive technology across all trims.
Additionally, convenience features such as the Kia Digital Key 2 and touch-type outside door handles are now standard in the model's Signature trim and above.
