Hyundai Motors: "Chinese Electric Vehicles Launch a Fierce Offensive in Europe!"

On August 21, South Korean media NEWSIS published an article stating that Hyundai Motors has experienced a downturn in the European automotive market due to the strong competition from Chinese electric vehicle manufacturers. However, the company is determined to reverse this trend by launching new models in the second half of the year.

Its goal is to increase sales by more than 20,000 units in the European market alone during the second half of the year, primarily through its flagship electric model, the IONIQ 3.

Recently, Lee Seung-jo, Vice President and Head of Financial and Economic Affairs at Hyundai Motors, said during the company’s Q2 2026 earnings conference call: "The offensive by Chinese electric vehicles in the European market has been quite intense, significantly impacting overall sales."

Chinese automakers have used mid-sized electric vehicles as their weapon, capturing demand previously dominated by popular internal combustion engine models such as the Kona and Tucson.

In response, Hyundai plans to launch its dedicated electric vehicle, the IONIQ 3, in the European market this second half of the year.

Lee stated: "We are preparing to launch the IONIQ 3 model, with price competitiveness being our top priority to ensure market sales. We aim to sell over 20,000 units of the IONIQ 3 in Europe."

Additionally, as a key model, the new Tucson is also set to launch in the fourth quarter, expected to contribute significantly to the recovery of sales in the second half of the year.

Lee forecasted a noticeable rebound in next year's sales, saying: "Given the current state of the European market, achieving a 100% sales growth may be difficult, but we expect growth to occur next year."

Meanwhile, Hyundai Motors recorded a record-high revenue of 4.92153 trillion KRW in the second quarter of this year, up 1.9% year-on-year; however, operating profit declined by 20.8% to 2.8509 trillion KRW.

Original source: toutiao.com/article/1874100777949258/

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