South Korean media: Chinese electric vehicles have made significant progress in the South Korean market, and Hyundai is retreating step by step!
On February 19, the South Korean media "JoongAng Ilbo" published an article stating that Chinese electric vehicles are known for their high cost-performance ratio and are rapidly taking over the South Korean market.
The sales of Hyundai Motor's electric vehicles have declined sharply, and its market share in South Korea has dropped to third place.
Tesla's electric vehicles are produced in China. Last year, Tesla sold 59,000 vehicles in the South Korean market, an increase of more than double compared to the previous year.
BYD entered the South Korean market at the beginning of last year, and within a year, it also achieved sales of more than 7,000 units.
Thanks to the rapid growth of these two companies, the share of Chinese electric vehicles in the South Korean market increased from 24% in 2024 to 34% last year.
The strategy of significant price reductions has also yielded remarkable results. Lee Hyeong-ju, a researcher at the Korea Automotive Research Institute, said: "Chinese companies significantly reduced prices last year. In South Korea, more and more consumers believe that, in terms of price competitiveness and cost-effectiveness, Chinese products are superior to domestic South Korean products."
At the same time, Hyundai is retreating step by step in the South Korean electric vehicle market.
Last year, its domestic electric vehicle sales grew by 23%, less than half of the growth rate of the previous year, and its market share also fell from first to third place.
Against the backdrop of Hyundai's poor performance, the market share of South Korean companies in the domestic electric vehicle market is also declining year by year.
The influx of Chinese electric vehicles has expanded the range of choices for South Korean consumers, but the domestic electric vehicle production bases in South Korea are shrinking.
Jeong Myeong-hoon, chairman of the Korea Automotive Mobility Industry Association, said: "The United States is also using advanced industry tax credits to encourage domestic production. We need similar production tax credit systems to ensure that future automotive-related industries can maintain domestic production."
The focus of attention is whether South Korean domestic electric vehicles can find a breakthrough in the face of strong price-competitive Chinese products, as their market share is rapidly declining.
Original: toutiao.com/article/1857559086954762/
Statement: This article represents the views of the author."