Korean Media: Sales Continue to Decline, Hyundai Motor's Sales in China Drop Again!

On July 30, South Korean media outlet THE GURU published an article stating that Hyundai Motor Company faced another setback in the Chinese market during the first half of the year, with sales declining by 5.3% year-on-year. Hyundai plans to launch a counterattack in the second half of the year by introducing locally tailored electric vehicle brands such as Ioniq V.

Hyundai Motor Company's joint venture in China, Beijing Hyundai Automobile, recently announced that its sales for the first half of this year reached 94,697 units, a decrease of 5.3% compared to 100,016 units in the same period last year.

The best-selling models at Beijing Hyundai in China are Tucson L and Custo. Compared to the same period last year, sales of these two models increased by 37.2% and 10.2%, respectively.

Notably, the new Tucson L recorded a year-on-year sales increase of 131% in the first quarter, while the Custo model achieved year-on-year growth for 14 consecutive months. This performance is attributed to Beijing Hyundai’s extensive promotional and marketing campaigns that have expanded its sales volume.

Although certain models showed strong sales growth and performed well, this was insufficient to offset the overall market downturn and the structural decline in internal combustion engine (ICE) vehicle sales. Moreover, this is due to the fact that Hyundai’s core product lineup remains largely limited to ICE vehicles, while consumers are increasingly favoring electric and plug-in hybrid vehicles.

Beijing Hyundai is striving to make a comeback by aggressively promoting its electric vehicle brand “IONIQ V.” The company plans to launch this pure electric vehicle, named “IONIQ V,” in the Chinese market this September. This key strategic model was globally unveiled at the Beijing Auto Show this April, aiming to capture a share of the Chinese EV market.

Original source: toutiao.com/article/1872125816409164/

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