FRANKFURT -- Hyundai Motor Co. plans to take control of its German imports by purchasing 65 percent of Hyundai Motor Deutschland GmbH from Swiss car dealer Emil Frey, the Korean automaker said in a statement.
"With the takeover of around 65 percent of the Frey Group's share in Germany, we are effectively following the incorporation of the biggest and most important importer into our company," Chang Kyun Han, President of Hyundai Motor Europe, said on Friday.
With a market share of 2.9 percent, Hyundai is the third-biggest Asian brand in Europe after Toyota and Nissan, according to the European car industry association ACEA. Sales of the brand in Europe's biggest market, Germany, have grown substantially from 19,610 units in 1999 to 73,105 through October, resulting in a market share of 2.7 percent after 10 months, according to the German motor transport authority (KBA).
Hyundai is targeting sales of 80,000 cars in Germany for 2011.