Domestic Electric Vehicle Preferred Brand Hyundai Motor Ranks No.1, Surpassing Tesla

"Ioniq 5 Popularity and Anticipation for Ioniq 6 to be Unveiled Next Year"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] Hyundai Motor Company has surpassed Tesla to be ranked number one in domestic electric vehicle brand preference.

The secretariat of the eco-friendly electric vehicle exhibition 'xEV TREND KOREA 2021' announced on the 27th that a survey on electric vehicle preference was conducted from the 19th of last month to the 14th of this month targeting 1,467 adult men and women, and Hyundai Motor Company took first place for the first time, overtaking Tesla.

According to the electric vehicle preference results, when asked about their preferred electric vehicle brand, respondents answered in the following order: Hyundai Motor (36%, 534 people), Tesla (31%, 461 people), Kia (13%, 184 people), Porsche (4%, 65 people), Mercedes-Benz (3%, 46 people), BMW (3%, 43 people), and Genesis (3%, 39 people).

The popularity of Hyundai Motor is interpreted as reflecting expectations for the Ioniq 5, which set a record for pre-orders, and the mid-size electric sedan Ioniq 6, scheduled to be unveiled next year, according to the xEV TREND KOREA 2021 secretariat.

The Ioniq 5 set a new Hyundai record with 23,760 pre-orders on the first day, and currently, the number of contracts has exceeded 40,000. Hyundai plans to launch 23 electric vehicle models and sell more than one million units annually by 2025, and will introduce the Ioniq 6 and Ioniq 7 next year.

On the other hand, Tesla's domestic sales volume is gradually decreasing. According to the Korea Imported Car Association and others, Tesla's sales from January this year to last month totaled 3,308 units, down 18.8% compared to the same period last year (4,075 units).

In the past one to two years, as electric vehicles with product competitiveness from various brands have been released, the number of consumers advancing their intention to purchase electric vehicles has also increased. When asked about the desired timing for purchasing an electric vehicle, 87% of respondents said they would buy within five years. The periods with the highest purchase intentions were ▲ 2 to 3 years (42%, 601 people) ▲ 3 to 5 years (20%, 294 people) ▲ next year (16%, 224 people) ▲ this year (9%, 125 people), in that order.

Consumers' perceived appropriate cost for electric vehicles was 30 million to 50 million KRW (58%, 842 people) and under 30 million KRW (30%, 441 people), showing a preference for electric vehicles priced under 50 million KRW (88%). On the other hand, the increase in those hoping to purchase electric vehicles priced between 50 million and 80 million KRW from 7% to 11% suggests a gradual trend toward preferring luxury electric vehicle models.

Regarding considerations when purchasing an electric vehicle, many respondents cited 'maximum driving range (32%, 461 people)' and 'charging station installation (23%, 341 people)'.

When asked about opinions on electric vehicle policies, the majority expressed a desire for expanded installation of electric vehicle charging stations, purchase support (taxes and subsidies), and policies related to benefits for electric vehicle operation. Additionally, there were opinions hoping for policies to manage charging station facilities and ensure safety, as well as to reduce charging wait times.

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