Hyundai Motor Co., South Korea's largest
automaker, said Tuesday its sales in South American nations have surged nearly 29 percent this year, already surpassing the figure for all of 2009.
In the first 10 months of this year, the company sold 186,206 vehicles in the region, up 28.7 percent from the same period last year. The company sold 180,355 units in the entire year of 2009.
Sales in Argentina nearly doubled as they rose 91.9 percent from a year earlier while shipments in the Dominican Republic jumped 78.1 percent
on-year and those in Puerto Rico 76 percent, according to company officials.
Hyundai's market shares in six different countries, including Ecuador, Chile and Panama, have also exceeded 10 percent.
"Recording an over 10 percent market share in so many countries of South America where the company does not have a production facility means it is doing extremely well," a company official said.
In Panama, Hyundai sold 6,181 vehicles in the January-October period, trailing Toyota with 7,052 units for the spot of the top-selling foreign brand there this year.
"If Hyundai does become the top-selling brand in Panama this year, it would have a significant meaning as it will be the first time for Hyundai to become the top seller in any South American nation," the company official said.
Currently, South America accounts for only 6.2 percent of Hyundai's global sales, but the company is planning to build a plant in Brazil, as early as from next month, as it believes the region will soon become one of the largest markets in the world.