Bloomberg "Tesla Took 10 Years to Reach Hyundai Motor and Kia's Sales Levels"
Introducing a 'New and Appropriate' Size Model in the Electric Vehicle Market Cited as Key to Success
Hyundai Motor Company's electric vehicle model Ioniq 5. Photo by Hyundai Motor Company, Yonhap News Agency
[Asia Economy Intern Reporter Kim Se-eun] Bloomberg News has highlighted Hyundai Motor Group's Ioniq 5 and EV6, which are performing well in the U.S. EV (electric vehicle) market.
On the 26th, Bloomberg published an article titled "Sorry Elon Musk. Hyundai Is Quietly Dominating the EV Race."
According to the report, Hyundai and Kia's Ioniq 5 and EV6, released this year, sold a total of 21,467 units by May, surpassing all brands except Tesla.
Joseph Yoon, Vice President and analyst at research firm Edmunds, said, "Hyundai and Kia are sweeping the electric vehicle market," adding, "Honestly, dealers around me are not even sure if they can secure inventory."
Bloomberg noted that while Tesla still sells far more cars, it took Tesla 10 years to reach the sales levels that Hyundai and Kia have achieved.
The article analyzed that changes in awareness about climate change and the sharp rise in oil prices have created a favorable environment for Hyundai's success.
Among the more than 30 electric vehicle models on the market, there are not many available for under $45,000. Moreover, most are small and older models, whereas Hyundai and Kia have launched new models of appropriate size, which is cited as a key factor in their success.
In fact, according to Kia, three out of four EV6 buyers previously owned vehicles from other brands.
Joseph Yoon explained, "(Hyundai and Kia's models) were launched at appropriate prices and sizes," adding, "Consumer confidence in large manufacturers entering the mainstream of the game is also one of the reasons for their strong performance."
He continued, "Hyundai and Kia are clearly ahead," and added, "We will have to see whether Toyota and Subaru can catch up with them."
Hyundai Motor Group plans to release new battery electric vehicle models every year for the next 10 years. They aim to achieve a 12% global EV market share and sell over 3 million units by 2030. In particular, they plan to invest $16.5 billion (approximately 21 trillion KRW) to expand EV production in South Korea.
Meanwhile, on the 18th (local time), Tesla CEO Elon Musk praised Hyundai's progress in the U.S. market by commenting on Twitter, "Hyundai is doing pretty well."
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