Sales in the U.S. and Europe Predicted to Drop
Hyundai Motor Group’s electric vehicle (EV) sales volume in the United States is predicted to decrease with regard to the Inflation Reduction Act. According to experts, the volume in Europe is also likely to decrease, with Chinese EV manufacturers increasing their market share in Europe.
Reuters recently reported that the prices of European EVs are approximately 10,000 euros more expensive than Chinese EVs. When it comes to Hyundai EV models in Europe, the least expensive is the Kona with a starting price of 33,385 euros. Chinese EVs are at least one million won less expensive than the starting price.
Chinese automakers are tariff-free in Europe, unlike in the United States, which means their market share in Europe can further rise with ease. In November last year, EV exports from China totaled US$3.2 billion, up 165 percent year on year, and 70 percent of the exports went to Belgium, the United Kingdom and other European states.
In the same period, Hyundai Motor Group’s sales volume in Europe decreased 7.4 percent year on year to 42,793 cars. Last year, the group’s EV sales volume in Europe dropped 29.3 percent year on year to 11,012.
The United States and Europe are two of the most important markets for the group. From January to November last year, it sold more than 2.98 million cars abroad, including 23.5 percent sold in the United States and 16 percent sold in Europe.