[Click eStock] "Hyundai Motor to Increase Market Share Again This Year"

"Electric Vehicles: Survival, Not Growth, for Automakers"
Hyundai Motor's Electric Vehicle Market Share Expected to Expand Smoothly

The first electric vehicle developed through Hyundai Motor Company's electric vehicle platform E-GMP, 'Ioniq 5' (Provided by Hyundai Motor Company)

[Asia Economy Reporter Minwoo Lee] Hyundai Motor's global automobile market share has been steadily expanding since hitting a low point in 2017. Analysts predict that the company will increase its market share once again based on electric vehicles.

On the 12th, Yuanta Securities forecasted that Hyundai Motor will record wholesale automobile sales of 967,000 units in the first quarter of this year, a 7.1% increase compared to the same period last year. For the entire year, it is expected to achieve 4,167,000 units, an 11.3% increase year-over-year. This growth rate surpasses the global automobile sales growth rate of 9.4%, suggesting that Hyundai can raise its market share worldwide.

Researcher Hyunsoo Lee of Yuanta Securities explained, "Unlike some electric vehicle (EV) companies whose sales volume has significantly increased over the past decade, traditional automakers focused on internal combustion engine (ICE) vehicles must simultaneously manage costs to maintain their already large scale and invest in the changing market. Therefore, market share including both EV and ICE is important." He added, "Hyundai Motor has steadily increased its market share since bottoming out in 2017, and this trend is expected to continue this year."

The expansion of EV products has been effective, according to the analysis. With the release of the Ioniq 5, based on Hyundai's own electric vehicle platform E-GMP, this year, market share is expected to grow. The researcher stated, "For automakers, the EV market is a matter of survival rather than growth, and Hyundai is expanding its market share in this sector." He further explained, "Last year, Hyundai's market share in the electric vehicle (EV) market, including plug-in hybrid electric vehicles (PHEV), was 3.1%, and its individual EV market share was 3.8%, increasing by 0.1% and 0.4%, respectively."

Against this backdrop, Yuanta Securities maintained a 'Buy' investment rating on Hyundai Motor and newly set a target price of 300,000 KRW. The closing price on the previous day was 228,500 KRW.

This content was produced with the assistance of AI translation services.