[Mania] Discharged Electric Vehicle Market... Fully Charged with New Cars

Significant Expansion of New Electric Vehicle Lineup Despite EV Chasm
Kia Launches Four New Models Including EV4, EV5, and PV5
Chinese Automakers Join Early Market Leadership Competition

If you are considering purchasing an electric vehicle, this year seems to be the right time. Various manufacturers plan to release new electric vehicles of different models and classes one after another. Although consumer sentiment remains subdued due to internal and external factors, major automakers intend to open wallets by leading with new models.

According to the Korea Automobile Mobility Industry Association, last year’s domestic new car sales market is estimated at about 1.639 million units (including imported cars). This is more than 6% lower than the 1.75 million units sold in 2023, a year earlier. The domestic new car market was close to 1.95 million units until 2020, but due to production and supply disruptions caused by COVID-19 and subsequent recession, it shrank below 1.7 million units for the first time in 10 years since 2014 (1.73 million units).

Kia EV5. Homepage

The electric vehicle market is even darker. After steady growth, it shrank for the first time last year. It remains expensive, and charging infrastructure inconveniences and fire safety concerns do not create a favorable environment. Nevertheless, manufacturers are actively launching new models because they believe falling behind in the early market leadership competition will make recovery difficult for years to come.

The most aggressive is Kia. It plans to launch four new models. The compact sedan-class electric vehicle EV4 and the compact electric sport utility vehicle (SUV) EV5, which was first introduced in China, are scheduled for the second half of the year. Along with the existing EV6, EV9, and EV3, Kia is filling out its electric vehicle lineup densely. The purpose-built vehicle (PBV) PV5 will also be released in the second half. The industry expects it to absorb demand for existing small commercial vehicles as Korea’s first full-scale domestic PBV. A high-performance model (GT) of the mid-large electric SUV EV9 has also been announced. For internal combustion engine models, the pickup truck Tasman, unveiled last October, will be introduced domestically in the first half of the year ahead of its overseas launch.

Hyundai Ioniq 9. Provided by Hyundai Motor Group

Hyundai’s first large electric SUV, the Ioniq 9, will also be released in the first half of the year. It is larger and has a longer driving range compared to the competing Kia EV9. The new hydrogen electric vehicle is also undergoing final preparations for a mid-year launch. It is the successor to the Nexo, coming out after seven years, with the concept car (Envision) unveiled last year. The mid-size electric sedan Ioniq 6 is expected to add a GT version while releasing a facelifted new model. The new Palisade, already available for pre-order, and the facelifted Grandeur scheduled for the second half of this year are expected to focus on hybrid models as their main volume offerings.

Genesis plans to release the high-performance electric GV60 Magma, revealed as a concept model last year, in the second half. It is considered a model that showcases advanced electrification technology, as the brand is participating in motorsports for the first time. KG Mobility’s O-100 (project name), targeted for mid-year release, is attracting attention as the first domestic electric pickup truck. It is based on the popular Torres electric vehicle. A hybrid vehicle developed jointly with BYD will also be released in the first half of the year. Renault Korea plans to introduce the small electric crossover Scenic to the domestic market. It was first launched in Europe and has been recognized for its market competitiveness.

KG Mobility O-100 Project Concept Model. Provided by KG Mobility

Among foreign brands, BYD stands out. As the world’s largest electric vehicle manufacturer, it plans to hold a domestic passenger brand launch event this month to announce specific sales models. The mid-size sedan Seal and the small SUV Atto 3 are likely candidates. Geely’s high-end electric vehicle brand Zeekr is also coordinating its entry timing into the domestic market, with the industry expecting it in the second half of the year.

Tesla, which has emerged as one of the top three imported car brands alongside Mercedes-Benz and BMW, may launch the facelifted Model Y, its best-selling car, in Korea. Major brands will also introduce various electric SUVs domestically, including the Mercedes G-Class electric vehicle, Audi Q6 e-tron, Porsche Macan electric vehicle, and Volvo EX30 and EX90.

BYD Seal. Provided by BYD Korea