Last Sunday, the company announced that from next month’s SUV Palisade until 2021, the company will launch three sedans (Elantra, Mistra and facelift version La Festa) and three recreational vehicles (Custo MPV, facelift version) in China. ix35 and Tucson) and two electric vehicles (Mistra EV and IONIQ 5).
Earlier this month, Hyundai Motor announced the launch of a new IONIQ electric vehicle sub-brand. The brand will focus on electric vehicles and plans to launch three new models in the next four years.
The company stated that the creation of the brand is a response to “rapidly growing market demand”. The brand will only include pure electric vehicles, and all cars under the brand will be built on the company’s future E-GMP electric vehicle platform.
Currently, there are three IONIQ branded models planned to be launched, they are IONIQ 5, IONIQ 6 and IONIQ 7. Among them, the mid-size crossover IONIQ 5 will be launched in early 2021, the pure electric sedan IONIQ 6 (which will compete with Polestar 2 and Tesla Model 3) will be released in 2022, and the large SUV IONIQ 7 will be launched in 2024.
Hyundai has always been the main supporter of hydrogen fuel cell technology. However, the company has seen Tesla’s global success and plans to emulate Tesla in the field of electric vehicles.
In mid-July this year, Zheng Yixuan, the head of Hyundai Motor Group, stated that Hyundai Motor and Kia Motors plan to sell 1 million electric vehicles in 2025, with the goal of occupying more than 10% of the global electric vehicle market.
In recent years, Hyundai Motor’s overall sales in China have shown a downward trend. In 2016, the company’s sales in China were 1.14 million vehicles. In 2017, it dropped sharply to 755,700 vehicles. In 2018, it slightly increased to 790,100 vehicles, but dropped to 650,000 vehicles last year. At the same time, the company’s market share in China fell to 3.1% from 5.1% in the same period.
In February of this year, the company’s sales in China fell by 97.4% year-on-year, which exceeded the overall sales decline in the Chinese auto market (83.9%); in July this year, the company’s sales in China fell by 19.1% year-on-year This reduction also exceeded the overall sales decline (8.5%) in the Chinese auto market.
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