Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Hyundai Sees Recovering Lost U.S. Share With New Models

May 9 (Bloomberg) -- Hyundai Motor Co.’s U.S. operations will recover the market share it lost during the past two years as it takes the constraints off its global factory output and boosts production, the automaker’s top American executive said.

“We want to go back above 5” percent market share, Dave Zuchowski, Hyundai’s U.S. chief executive officer, said in an interview today. “That’s a top priority for the parent company. In reality, that’s probably a two- or three-year plan.’

Hyundai, which almost doubled its U.S. market share from 2005 to 5.1 percent in 2011, saw its share slide to 4.6 percent last year as the company capped global production to avoid quality problems from rapid growth. This year, Hyundai is aiming for 4.7 percent share, as it rolls out redesigned versions of its Genesis luxury car and Sonata family sedan, Zuchowski said.

‘‘Our conversation has changed with the parent company to how can we get you more production,” said Zuchowski, who replaced John Krafcik in January. “They’re getting us enough production to make sure we can grow.”

Krafcik is now president of TrueCar Inc., the auto-buying website, which is seeking to raise more than $100 million in an initial public offering.

Hyundai is targeting a record 745,000 sales in the U.S. this year, from 720,783 last year, Zuchowski said. The pace of sales will pick up in the second half of the year as Hyundai rolls out the new models, he said.

Hyundai’s U.S. sales have fallen 0.7 percent this year through April, according to researcher Autodata Corp. Its market share has declined to 4.4 percent so far in 2014.

“We went for the better part of 18 months without new products,” Zuchowski said. “Our goal is to get the share back and you fix all the problems with new product.”

To contact the reporter on this story: Keith Naughton in West Bloomfield, Michigan, at knaughton3@bloomberg.net

To contact the editors responsible for this story: Jamie Butters at jbutters@bloomberg.net Ben Livesey

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.