Hyundai Motor Group Expected to Launch 23 Pure Electric Vehicle Models Around 2025
[Asia Economy Reporter Changhwan Lee] As the era of eco-friendly vehicles approaches and global automakers accelerate the launch of electric vehicles, it is expected that by 2025, Hyundai Motor Group will become the company with the most diverse lineup of pure electric vehicles by model.
Hyundai Motor Group is attempting the fastest transition to electric vehicles among global automakers, and it is forecasted that its market share will also be upgraded from the current level.
According to foreign media and the automotive industry on the 27th, Hyundai Motor Group plans to release a total of 23 pure electric vehicle models by 2025. This is the fastest pace compared to its competitors.
Among companies that have disclosed their electric vehicle launch plans up to 2025, Audi plans to release 20 models by 2025, followed by Toyota with 15, BMW with 13, and Renault with 10. GM and Ford have also announced electric vehicle transition plans but have not yet revealed specific numbers for 2025.
Pure electric vehicles refer to vehicles powered solely by electricity, excluding hybrids or hydrogen electric vehicles. This year, Hyundai Motor Group introduced three electric vehicles based on the dedicated electric vehicle platform (E-GMP): Ioniq 5, EV6, and GV60.
Replacing electric vehicles based on conventional internal combustion engine platforms, Hyundai has begun aggressively targeting the electric vehicle market with models based on dedicated electric vehicle platforms. Especially from next year, it plans to sequentially launch successor models of the Ioniq 5 and EV6 and unveil Genesis electric vehicle successors to expand its share in the global electric vehicle market.
Through this, Hyundai aims to exceed 1 million electric vehicle sales by 2025 and raise its market share above 10%, becoming one of the top three electric vehicle companies worldwide.
However, there are many competitors to overcome to actually increase market share. Currently, Tesla dominates the global electric vehicle market, followed by Chinese electric vehicle companies, GM, Volkswagen, and Hyundai Motor Group.
According to market research firm SNE Research, Tesla ranked first in global electric vehicle sales in the first half of this year with 396,200 units sold, holding a market share of 22.2%. Tesla’s main selling models are limited to 3 to 4 types, including Model 3, Model X, Model S, and Model Y, but it maintains high recognition and market share.
China’s offensive is also fierce. Following Tesla, Chinese companies Shanghai GM Wuling, BYD, and Great Wall Motors ranked 2nd, 3rd, and 5th respectively. Volkswagen is 4th, and Hyundai is 6th.
An industry insider said, "Hyundai Motor Group’s global electric vehicle market share is currently around 7%, so there is still plenty of room to increase market share. By quickly launching high-quality electric vehicles based on dedicated electric vehicle platforms ahead of competitors and targeting key markets, the company’s value will be upgraded to the next level."
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