South Korean Media: The Rise of Chinese Electric Vehicles, Facing Off Directly with Hyundai Motor!
On April 25, South Korea's daily newspaper JoongAng Ilbo published an article stating that as Chinese electric vehicle (EV) companies turn their attention overseas, the global market landscape is undergoing a dramatic transformation. Leveraging production scale and technological strength accumulated in the domestic market, Chinese enterprises are accelerating their expansion into global markets. Notably, they are utilizing their price competitiveness to expand sales networks and establish manufacturing bases across major regions such as Europe, Southeast Asia, and Latin America.
In this process, the influence of Chinese EV manufacturers is rapidly growing. Particularly noteworthy is the fact that these regions overlap significantly with the markets where Hyundai Motor Group is actively pursuing global sales expansion—indicating that future market share competition could shift dramatically.
The influence of Chinese EV manufacturers in the global EV market is steadily increasing. According to data from market research firm SNE Research, BYD, China’s largest EV manufacturer, ranked third globally in the non-China EV market last year with sales reaching 627,000 units. In the same period, Hyundai Motor Group ranked fourth with 609,000 units sold. This indicates that BYD has already surpassed Hyundai Motor Group in markets outside China.
BYD has overtaken Tesla to become the world’s largest EV company, including in China. Globally, BYD has surpassed U.S. Ford to rank sixth in the automotive market and is on track to enter the top five. Leveraging its technological advantages developed in China, BYD continues to maintain strong growth momentum by expanding into overseas markets such as Europe, Southeast Asia, and Latin America.
The market share of Chinese EV brands in Europe is rising rapidly—the European market being a critical stage for electric vehicles. Data from automotive market research firm DataForce shows that by November of last year, Chinese brands accounted for 12.8% of the European EV market. Europe has traditionally favored compact and small-sized cars—precisely the core segments of the Chinese EV market—leading to a continuous rise in their market share. In 2023, BYD sold over 187,657 vehicles in Europe, more than tripling its sales compared to the previous year. Chinese EV manufacturers are also continuously expanding their presence in Southeast Asia and Latin America. While Chinese internal combustion engine vehicles had negligible sales in these regions during the ICE era, increased government support in many countries now reveals significant growth potential for EVs in these markets.
Chinese EV manufacturers are persistently expanding their footprint in Southeast Asia and Latin America. These regions are seen as having substantial growth potential, as many countries remain in the early stages of EV adoption. Analysts point out that due to the characteristics of emerging markets, relatively affordable Chinese EVs are gradually gaining competitive advantages. For example, BYD is expanding its overseas production capacity by building factories in key locations such as Thailand, Brazil, Hungary, and Turkey.
The export volume of Chinese EVs is also growing rapidly. According to statistics from the China Passenger Car Association, China’s EV exports reached 2.42 million units last year, up 78% year-on-year. The share of EVs in total car exports has significantly increased—from 25.8% in 2022 to 42.2% last year, a rise of 16.4 percentage points. This clearly indicates that China’s auto export structure is swiftly shifting toward electric vehicles.
Chinese EV manufacturers have also begun entering the South Korean market. BYD is targeting South Korea’s domestic market. According to the Korea Import Automobile Association, BYD Korea sold a total of 6,107 vehicles last year—setting a record for the highest first-year sales among imported car brands operating in the South Korean market.
As Chinese EV manufacturers increase their influence abroad, the competitive landscape among global automakers is changing. Although Hyundai Motor Group continues advancing its EV sales strategy, assessments indicate that the market environment is becoming increasingly complex. This is because EV demand growth has slowed in certain regions, while price competition among manufacturers has intensified.
Original Article: toutiao.com/article/1863406319354188/
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