International Business Articles
Cacheaux Cavazos & Newton
Mexico City, Mexico
One year after beginning operations in Mexico, the South Korean company has managed to exceed the expectations that accompanied the company’s arrival in Mexico. Currently ranked as the fifth largest auto manufacturer in the world, the presence of Hyundai vehicles is more and more noticeable on Mexican streets and highways. The expectation in May 2014 was to sell 8,000 units, and such figure has been substantially exceeded. After just one year of operation, Hyundai has already sold more than 12,000 units in Mexico. While the company’s overall penetration of the Mexican market is currently somewhat modest, if this trend continues, the South Korean automaker will become a serious competitor to other brands in the Mexican market. So far, the company’s most successful models are the Grandi10, hatchback version, comprising 23% of sales, and the variant Grandi10 Sedan, with 25%. The compact Sedan Elantra makes up 24% of Hyundai’s Mexican sales, and the SUV IX35 is at 20%. Sales of the Sonata model accounted for 8% of Mexican sales. Hyundai has 31 dealerships operating throughout Mexico, and the company plans to finish the year with 40 dealerships, according to Pedro Albarrán, General Director of Hyundai Motor de Mexico.
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