Hyundai Motor·Kia Electric Vehicles 'Fast Charging'... Leading the Rapidly Changing Market

Reasons for Seeking Korean Electric Vehicles in the Rapidly Growing Market
Ioniq 5 and EV6 Gaining Global Attention
Ranked 4th in European Market Share in Q1 This Year

The dedicated electric vehicle EV6 produced at Kia's Hwaseong plant. Hwaseong ranks first among local governments nationwide in terms of electric vehicle export value.

[Asia Economy reporters Choi Dae-yeol and Yoo Hyun-seok] In Norway, an oil-producing country, the share of pure electric vehicles (BEVs) exceeded 94% as of the fourth quarter of last year. This means that more than 9 out of every 10 passenger cars sold run solely on batteries. The upward trend has been steep since surpassing 50% for the first time in 2020. Thanks to government efforts to expand adoption through tax benefits and other measures, the goal of halting internal combustion engine vehicle sales by 2025 is no longer an unrealistic target.

According to industry sources on the 19th, the share of electric vehicle sales in the Netherlands and Sweden approached 20% last year. Even in Germany, considered the home of internal combustion engines, electric vehicle sales exceeded 350,000 units during the same period. In the United States, where about 18 million cars are sold annually, there is a high possibility that electric vehicle adoption will increase significantly starting this year, as electrified pickup truck models, which are in high demand locally, enter the new car market.

In November last year, U.S. President Joe Biden visited General Motors' electric vehicle factory, Factory Zero.

Rivian, a startup regarded as the "second Tesla," began customer deliveries at the end of last year, and Ford's F-150, which has held the best-selling car title in the U.S. for 40 years, is adding an electric model to its lineup. Tesla and General Motors are also in the final stages of developing electric pickup trucks.

The increase in electric vehicle demand, mainly in advanced countries such as Europe and North America, is attributed to policy support like tax incentives and subsidies from each government, along with gradual improvements in charging infrastructure. From the supplier side, driven by carbon neutrality initiatives, manufacturers are reducing the share of internal combustion engine vehicle sales and have promised to eliminate internal combustion engine models within about ten years. Electric vehicles fill the gap. This background underpins why major automakers, refining their electrification strategies in the electric vehicle market that Tesla has vigorously opened, are consecutively launching new models.

Model Y displayed at Tesla's Germany Gigafactory, which began production last month

The industry evaluates that Korean electric vehicles are recognized in major advanced markets because Hyundai Motor and Kia quickly adapted to the changing market conditions and earned recognition for the vehicles' own competitiveness. Until a few years ago, Hyundai Motor Group had adopted a "two-track" strategy nurturing both hydrogen and electric vehicles, but later shifted direction to "electric vehicles first, hydrogen vehicles later." The Ioniq 5 (Hyundai) and EV6 (Kia), which apply the dedicated electric vehicle platform (E-GMP), have swept awards at major global ceremonies and from various associations and media worldwide, and have also been recognized for their sales performance.

According to data from eu-evs, which compiles new electric vehicle registrations in 14 major European countries, Hyundai Motor and Kia's market share in the first quarter of this year was 13.9% (excluding the UK), ranking fourth after Volkswagen, Tesla, and Stellantis. Considering that Volkswagen and Stellantis are local manufacturers with large-scale production facilities in Europe and Tesla has emerged as the world's largest electric vehicle company with a strong volume offensive, this is a commendable performance.

The outlook is not entirely bright. The decline in battery prices, which directly affects electric vehicle performance and price, has stalled and is showing an upward trend again, and there remains a high dependence on certain countries for battery raw materials.

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