Chinese EVs are gaining popularity in several markets, and the numbers prove it. In recent months, brands such as BYD and Geely brands have risen sharply.
To “fight” this competition, “traditional” manufacturers, that is, those that have already proven themselves, must, more than ever, look for ways to make their electric cars more affordable.
Among them, the Hyundai group is reportedly under consideration a new “sub-brand” designed exclusively for cheaper electric carsin short, at the antithesis of Genesis, the manufacturer’s high-end brand.
The Chinese market as the main goal of Hyundai
The goal of the new Hyundai group brand, according to the Korean Economic Daily, which disclosed the information, should be primarily to sell in China, a territory, at least so far, dominated by local manufacturers or German brands, even if the latter follow failure after failure, and shares market melt like snow in the sun. Really, China is currently the world’s largest market for electric vehicleswhich will account for more than 23% of new car sales in 2023, with a total of more than 6 million units sold.
To capture a larger market share than it has today, according to the Korean magazine, the company will turn to a local partner: the Baic (Beijing Automotive) group, which already has several joint ventures, including with Hyundai as well as Mercedes. It is the fifth Chinese car manufacturer and even number one in the world of light trucks and number four in the world of heavy trucks.
Change of strategy
The new strategy of the Korean group to counter Chinese manufacturers may seem ambitious, to say the least, but let’s also remember that it was in 2023 that the company announced its official exit from the Chinese market (at least through its official coat of arms) and, a few days therefore selling their local plant. With this new project called “OE RE”, Hyundai plans to introduce five new electric vehicles in China over the next three years.
Five models, which, therefore, will not have a direct Hyundai brand.
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Source: Auto Plus
Robert is an experienced journalist who has been covering the automobile industry for over a decade. He has a deep understanding of the latest technologies and trends in the industry and is known for his thorough and in-depth reporting.