Global electric vehicle registrations, excluding those in China, crossed 5.5 million units in 2023, marking a growth rate of 30 percent. Hyundai and Kia also fared well, ranking fourth in global deliveries.About 5,648,000 electric vehicles were registered globally in 2023, excluding those China, up
News about BYD’s entry into South Korea has drawn attention to changes in the share of the South Korean electric vehicle market dominated by Hyundai Motor. BYD is a Chinese electric vehicle maker. Experts predict that BYD’s price competitiveness will play a big role in determining its success in the
Germany’s abrupt suspension of subsidies for electric vehicles (EVs) sold in the country is puzzling South Korea’s auto industry, which exports electric vehicles to the region. This along with France’s plan to reorganize its EV subsidies to measure carbon emissions and provide differential subsidies
According to SNE Research, an energy market research company, on Nov. 8, the number of electric vehicles registered worldwide from January to September reached 9.66 million units, a 36.4% increase compared to the same period last year.BYD, a Chinese company, maintained its top position with a 71.7%
The U.S. Inflation Reduction Act (IRA) has been found to significantly impact the sales volumes of automobile manufacturers in the global electric vehicle (EV) market, excluding China.According to a study by the energy market research firm SNE Research, the number of EVs registered in regions outsid
South Korea has seen a surge in the import of cost-effective Chinese-made Lithium Iron Phosphate (LFP) batteries. This trend is primarily due to the aggressive pricing strategy of Tesla, the world’s leading electric car manufacturer that uses LFPs, steering the electric car market towards a price-ce
The large-scale imports of Chinese-made vehicles and batteries is expected to have a significant impact on the domestic car market and parts industry in Korea. The increase in Chinese imports can be attributed to competitive pricing, driven in part by rising raw material costs.Experts argue that whi
Sales of Hyundai and Kia’s electric vehicles (EVs) in South Korea are steadily declining. This drop is attributed to decreasing subsidies, rising charging costs, and intensified competition as imported car brands aggressively penetrate the domestic EV market.According to Hyundai Motor Group on Sept.
Hyundai Motor Group is faced with complicated situations in its business operations in France after France’s announcement of a draft decree to subsidize electric vehicles based on carbon emissions. While the draft decree is not as worrisome as the U.S. Inflation Reduction Act (IRA), it will be a tot
As China and the United States initiate efforts to reform electric vehicle subsidies, a similar action by France has prompted the South Korean government to work on devising response strategies.According to the Ministry of Trade, Industry and Energy (MOTIE) and KOTRA on Aug. 9, the French Ministry o
Once recognized as a profitable commodity, secondary batteries recorded their first-ever trade deficit this year.The deficit can be attributed to the Korean battery industry’s expanded overseas investment in response to new trade environments like the U.S. Inflation Reduction Act (IRA) and the sharp
Hyundai Motor Group is ramping up its use of Chinese-made batteries. Its strategy is to speed up a transition to electric vehicles by diversifying its sourcing as it is difficult to secure electric vehicle batteries that meet the requirements of the U.S. Inflation Reduction Act (IRA).Hyundai Motor l
Hyundai Motor Group sold more than twice as many electric vehicles (EVs) in Europe as in the United States in Q1 of this year.Hyundai sold 15,945 EVs and Kia sold 18,886 EVs in Europe in the first quarter of this year, according to Hyundai’s and Kia's corporate materials released on May 7. The f
The author is an analyst of Shinhan Securities. He can be reached at yjjung86@shinhan.com -- Ed.1Q23 OP reported at KRW2.9tr (+79% YoY, +9% QoQ), OPM at 12%Kia posted operating profit of KRW2.9tr (+79% YoY, +9% QoQ) on sales of KRW23.7tr (+29% YoY, +2% QoQ) for 1Q23, beating the consensus estimate o
The Korean automobile industry saw a new high in export volume after just two months. Exports of eco-friendly cars crossed US$2 billion for the first time. Its total car and parts exports topped US$7.6 billion, rising to the No. 1 spot among Korea’s export items.According to the automobile industry
Korea’s automobile exports hit an all-time monthly high in January as the shortage of automotive semiconductors eased and sales of eco-friendly cars grew. However, exports of auto parts contracted. Car exports in January totaled US$4.984 billion, the highest monthly figure ever, according to the dat
The combined market share of Hyundai Motor Co. and Kia Corp. in the European vehicle market stood at 9.4 percent in 2022, up 0.75 percentage point from the previous year, said the European Automobile Manufacturers Association (ACEA) on Feb. 6. This was the largest increase among global automakers.Ot
Hyundai Motor Group and SK On will build a joint venture battery plant in Georgia of the United States. The plant, scheduled to be completed in 2025, will supply batteries for Hyundai Motor and Kia brand electric vehicles (EVs) in the United States.According to Georgia Governor Brian Kemp’s office,
Starting from Aug. 16 (local time), the United States halted paying subsidies for electric vehicles (EVs) not assembled in North America. U.S. President Joe Biden signed the Inflation Reduction Act on the day. The U.S. government released a list of EVs eligible for subsidies. Only 21 models assemble
Market research firm SNE Research announced on Aug. 1 that CATL’s share in the global EV battery market rose from 28 percent to 34 percent in the first half of this year.“In that period, BYD, the third-largest company in the market, raised its share from 7 percent to 12 percent,” it said, adding, “T