Ioniq 5 and EV6 US Sales
Surpass All Brands Except Tesla
Bloomberg: "Sorry Musk..."
3rd Highest Market Share in Europe
Sales Increase Amid Continuous Praise
Domestic Concerns Over Accidents and Fires
Rising Safety Worries for Electric Vehicles
Complaints About Chinese-Made Batteries
[Asia Economy Reporter Choi Daeyeol] Sales of Hyundai Motor and Kia electric vehicles in major overseas markets are rapidly increasing. This is thanks to the excellent product competitiveness of dedicated electric vehicles, which has been well received by consumers. On the other hand, domestically, the situation appears difficult due to electric vehicle fires and issues related to Chinese-made batteries.
According to foreign media and the automotive industry on the 27th, Bloomberg recently reported an article titled "Sorry Elon Musk. Hyundai Is Quietly Dominating the EV Race."
As evidence, it cited Hyundai Motor and Kia’s sales volume in the United States. According to data from the local market research firm Edmunds, cited by Bloomberg, the Ioniq 5 and EV6, launched by Hyundai and Kia earlier this year, sold 21,467 units by last month. This surpasses the sales volume of all electric vehicle brands except Tesla during the same period. Favorable surrounding conditions and the alignment of vehicle price and product competitiveness were cited as the background.
Bloomberg stated, "With climate issues and rising gasoline prices, demand for electric vehicles has increased," adding, "Among more than 30 models, only a few are priced under $45,000." It also noted that compared to electric vehicles like the Bolt and Leaf, which sold well until a few years ago, the larger size, fast charging, regenerative braking (a method of recharging the battery using inertia while driving), and V2L (technology that allows electricity from the vehicle battery to be used externally) have also been well received in the market.
Hyundai and Kia are also performing well in Europe, where electric vehicle adoption has been active early on. According to data from EU-EVS.com, which compiles electric vehicle registration status by major European countries, Hyundai and Kia electric vehicles accounted for about 14% market share from the beginning of this year to this month. This is the third highest level after Volkswagen and Stellantis. This achievement stands out given the relatively lagging local production base.
Earlier on the 19th, Elon Musk, CEO of Tesla, praised Hyundai Motor, which has been expanding its presence in the U.S. electric vehicle market recently, saying they are "doing very well." According to local U.S. media, Musk commented "Hyundai is doing pretty well" on a Twitter post showing Kelly Blue Book’s Q1 U.S. electric vehicle market share.
Contrary to the positive reception overseas, various adverse issues have simultaneously emerged domestically. On online communities, a video of an Ioniq 5 accident that occurred in Yongin on the afternoon of the 25th circulated. The video shows the vehicle colliding with a structure while turning without reducing speed, and catching fire immediately after the collision.
In October 2020, a Kona electric vehicle caught fire while charging in the parking lot of a community center in Namyangju, Gyeonggi Province. Hyundai Motor Company and battery supplier LG Energy Solution issued a full recall amid growing safety concerns following a series of fires at the time. Although the fire did not spread extensively, the occurrence of a fire immediately after the accident raised concerns about electric vehicle safety again. Earlier this month, two occupants died in an electric vehicle accident in Busan. While official investigation results have not yet been released, it is reported that circumstances suggesting driver negligence were found during a joint investigation between authorities and the manufacturer.
Some consumers have also expressed dissatisfaction over Kia’s recent use of Chinese brand CATL batteries in the new Niro EV. They cite concerns about safety due to CATL’s relatively short history in developing and manufacturing ternary batteries and claim that the automaker did not properly disclose information about the battery supplier. On the other hand, the company explained that the application was made to diversify supply sources and that CATL, which holds the number one market share in the battery industry, has sufficiently verified technology, so there is no problem.
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