Niro EV Model Year Update Released... eG80 Also Prepares for Launch
[Asia Economy Reporter Yu Je-hoon] As dedicated electric vehicle (EV) models such as the Ioniq 5 are emerging, derivative electric vehicle models based on existing internal combustion engine vehicles are also being steadily released. The industry expects that until dedicated EV platforms and dedicated EVs diversify, these 'transitional' electric vehicles will continue to occupy a portion of the market.
According to the industry on the 23rd, Kia recently launched a model year update of the Niro EV, ahead of the first dedicated EV6 launch in the second half of the year. The Niro EV is a derivative model utilizing the platform of the compact sports utility vehicle (SUV) 'Niro,' and approximately 50,000 units were sold worldwide last year, including in South Korea.
The 2022 Niro comes standard with convenience features such as a 10.25-inch UVO navigation system and smart remote start, and is offered in a single 'Noblesse' trim. Considering eco-friendly vehicle tax benefits, the vehicle price is 47.9 million KRW, which is somewhat cheaper than the Ioniq 5 (49.8 million KRW to 54.55 million KRW, based on the long-range version) whose price range has been disclosed.
Also, Genesis, which is preparing to launch the JW (project name) model applying the dedicated EV platform E-GMP for the first time in the second half of the year, recently unveiled the eG80, a derivative electric vehicle based on the internal combustion G80, at the Shanghai International Motor Show in China. The eG80 is also Genesis's first pure electric vehicle model.
The reason derivative electric vehicle models based on internal combustion vehicles continue to appear in the dedicated EV era is due to the limited dedicated EV portfolio. Although dedicated EV models are emerging one after another, it is still in the very early stages, making it difficult to judge success or failure, and since the lineup is limited, utilizing existing models is necessary to expand sales.
In fact, Kia announced at the CEO Investor Day earlier this year that it plans to release four derivative electric vehicle models by 2026. Hyundai Motor Company also discontinued the Kona Electric domestically due to concerns about interference with the Ioniq 5, but plans to continue production for overseas sales.
Lee Hang-gu, a research fellow at the Korea Automotive Research Institute, said, "Among approximately 600 vehicle models to be released worldwide this year, the proportion of electric vehicles is only about 25%, and for each automaker, there are limitations in sales with only a few dedicated electric vehicles." He added, "Until the number of dedicated EV platforms increases and a diverse EV lineup is established, electric vehicles based on internal combustion vehicles will be able to maintain their viability."
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