Hyundai Motor says targets 47% market share in S.Korea

Hyundai Motor, South Korea's top automaker, said on Sunday that it aimed to increase its domestic market share to 47% in 2011, driven by new models such as Veloster utility coupe and Grandeur luxury sedan.

Hyundai's 2010 domestic market share was 45%, far below its initial target of 52%, hit by the growth of its affiliate Kia Motors which sharply raised its share to 33.1 percent last year thanks to strong sales of K5 sedan and Sportage R sport utility vehicle.

South Korea is the biggest revenue source for Hyundai Motor and Kia Motors, which also compete with Renault Samsung, GM Daewoo and Ssangyong Motor in the domestic market.