Han Media: China's Electric Vehicles Are Strongly Entering the Market, and Hyundai's Position Is Gradually Declining!

On January 10, the South Korean media "Nikkei" published an article stating that as Hyundai Motor Company's electric vehicle sales have clearly slowed down, Chinese-made electric vehicles are rapidly occupying the South Korean market.

This year, with multiple Chinese brands planning to enter the South Korean market, price competition will further intensify, and the outlook for Hyundai's electric vehicles is not optimistic.

Including the Ioniq 6, Hyundai sold approximately 3,200 electric vehicles in the South Korean market in November of last year, a decrease of more than 40% compared to the previous year.

At the same time, Chinese-made electric vehicles are rapidly taking over the South Korean domestic market.

The Chinese-produced Tesla Model Y has increased its market share in South Korea to first place. Hyundai ranks only third.

BYD, a globally leading electric vehicle manufacturer, entered the South Korean market at the beginning of last year, with sales of approximately 5,000 units by November of last year, ranking tenth among all 26 brands.

It is expected that the offensive of Chinese electric vehicles will continue this year.

BYD is expanding its range of models sold in South Korea. The high-end electric vehicle Zeekr has signed contracts with South Korean dealers, aiming to start sales in the first quarter of this year.

Xiaopeng Motors, often called the "Tesla of China," is also preparing to enter the South Korean market.

Different from the United States and China, South Korea's electric vehicle subsidy budget this year has increased by 18.3 billion won, which has attracted the attention of global electric vehicle manufacturers.

Lee Hyeong-ju, a researcher at the Korean Automotive Research Institute, said: "Chinese companies are lowering export prices, which may lead to faster growth in market share. We also need to lower prices, which may have a significant impact on profitability."

As Hyundai begins to seek solutions with a high-performance and premium strategy, it is expected that competition in the South Korean domestic electric vehicle market will be even fiercer this year.

Original: toutiao.com/article/1853895230850057/

Statement: This article represents the personal views of the author.