Tesla's 'Sprint' in the EV Market in the First Half of the Year... 'Real Showdown' in the Second Half

Starting Expansion of Ioniq 5 Production in Second Half... EV6, G80e, and JW Set to Launch

[Asia Economy Reporter Yu Je-hoon] Tesla's dominance continues in the domestic passenger electric vehicle (EV) market. Although Hyundai Motor Company and Kia have launched strategic models such as the Ioniq 5, garnering strong responses, the prolonged semiconductor supply shortage has slowed delivery speeds, preventing them from catching up. Industry insiders expect a full-scale "real competition" to unfold in the second half of the year as the semiconductor shortage somewhat eases.

According to Kaizyu Data Research Institute on the 12th, Tesla's electric vehicle sales in the first half of this year (January to June) increased by 64.3% compared to the previous year, reaching 11,629 units. This accounts for 81.4% of all imported passenger electric vehicles sold in the first half of this year (14,295 units).

In terms of model-specific sales, Tesla overwhelmingly outperformed other companies. The Tesla Model 3 sold 6,275 units in the first half, maintaining its position as the top-selling electric vehicle, while the Model Y also sold 5,316 units, ranking among the leaders. Sales of other imported electric vehicles, excluding these two models, amounted to only 2,666 units.

On the other hand, domestic automakers' electric vehicle models could not stop Tesla's dominance despite high public interest and popularity. According to sales data compiled by each company for the first half, Hyundai's Ioniq 5 sold 5,700 units, Kia's Niro EV 3,586 units, Hyundai's Kona Electric (discontinued domestically) 1,429 units, Chevrolet Bolt EV 1,285 units, and Zoe 419 units.

Although the Ioniq 5 recorded an all-time high with 23,760 pre-orders on its first day, actual sales fell short due to setbacks such as production disruptions of the drive motor and the semiconductor supply shortage. As a result, in April, production plans were reduced to about 25% of the target, and May sales amounted to only 1,919 units. Meanwhile, Tesla surpassed the Ioniq 5 through large-scale supply.

However, the industry expects the real competition to intensify in the second half as the semiconductor supply shortage for vehicles shows signs of easing. In fact, production of the Ioniq 5 has significantly increased as issues with the drive motor and semiconductor supply have somewhat improved, and Kia is preparing to enter the electric vehicle battle by launching its first dedicated electric vehicle model, the EV6, later this month.

A fierce competition is also anticipated in the premium electric vehicle market. While imported car companies have monopolized the premium electric vehicle market so far, Hyundai's premium brand Genesis recently launched its first electric vehicle (G80e), and in the second half of the year, it will release the JW (project name), a compact sport utility vehicle (SUV) model and its first dedicated electric vehicle.