While Volkswagen plans to spend $70 billion within the next 5 years to take over Toyota as the world’s largest global automaker, Hyundai Motor Group (which includes the Hyundai and Kia brands) topped Toyota as the largest Asian automaker in Europe this year.
Hyundai and Kia increased European sales by 4 percent during the first 10 months of 2010 to 521,369. Toyota’s sales on the other hand, including Lexus, dropped 17 percent to 511,754.
“Hyundai and Kia have clearly benefited from Toyota’s massive recalls,” said Ahn Sang Joon, an auto analyst at Tong Yang Securities Inc. in Seoul. “They have also expanded their model lineups in European markets giving more choices to consumers.”
Overall, European auto sales fell 5 percent to 11.6 million, according to ACEA’s data. Nissan posted the biggest increase, climbing 13 percent.
– By: Omar Rana
Source: Automotive News (Subscription Required)