Oman is Hyundai’s third largest market in the Middle East region

Muscat: Oman is Hyundai’s third largest market in the Middle East region with the Korean auto giant marketing 9 per cent of its total regional incremental sales in the country, senior company officials say.
“We hold the number three position in the market with about nine per cent market share,” Mike Song, new head of Hyundai Africa & Middle East Headquarters told Times of Oman (TOO) in an exclusive interview.
“Obviously, population is a big driver in overall sales figures, so the largest markets in the Middle East are Saudi Arabia and the UAE. Globally, giant economies such as the United States or China will always dominate,” he said, but added; “To say a market is bigger, is not to say customers there are more important. Our priority is individual customers, and to ensure a satisfying ownership experience – and that has been the foundation of our success.”
Regarding the recent drop in oil prices, he said the automobile market faces the same challenges as many industries in the region at the moment, “and this is something that affects all carmakers.”
“Hyundai is in a stronger position than many of our competitors, given that the trend for us has been strong growth both in terms of overall sales and market share. Today’s Hyundai models represent the latest thinking both in terms of design and technology, and we have an excellent reputation for reliability, resale value, and value for money both at the time of purchase and for affordable ownership costs,” Song added.
The regional Hyundai chief said; “We certainly don’t see economies in the region as being distressed. Economies move in cycles. We benefited from a period when the oil price, and therefore income in the region, was very high, and there are a number of reasons for that. Demand driven by high levels of economic growth in China was a key factor.”
“As that growth cooled, the markets have reacted strongly, particularly to a sense that high demand had created oversupply. That will change, and already we are seeing that investment in high-cost production, such as shale oil, sub-salt drilling, and arctic exploration, is being cancelled, and that will lead to oil prices recovering,” he added.
The company official also said they have recently launched a new car Elantra, “which is a top-seller in its market segment in the Middle East, so that is very significant.”
“The big launch regionally in the next few months will be establishing our luxury products as a stand-alone Genesis brand, starting with the Genesis G90. We see enormous potential for Genesis in the Middle East, and we are very excited for the brand’s prospects in this region,” he said.
“Globally, we will also be launching the new IONIQ alternative fuel-model, offering a choice of three powertrains - full hybrid, plug-in hybrid, or full electric. We have plans for that in the region, but the initial launch will focus on markets where there is already a strong customer base for vehicles of this type, and as we establish the balance between demand and production, we can expand on that, so for Oman that would be a longer term prospect for local sales,” he added.
Asked if the company plans making new investments in the Sultanate, Song said; “For Oman, we are working on some interesting plans with our national distributor, OTE, to enhance the experience of buying and owning a Hyundai, but it would be premature for us to announce anything at this time.”
“Around the region, we work closely with local partners to improve our sales and distribution channels.In the past few weeks alone in the Middle East, we have seen the opening of a new national headquarters, and Saudi Arabia has launched a new Digital Showroom concept,” he added.