EV Sales Expected to Top 30,000 Units in 2021

Hyundai Motor’s EV Concept 45 Unveiled in 2019

Hyundai Motor and Kia Motors' share of the global electric vehicle (EV) market has eclipsed that of the combustion engine vehicle market. This means that the two Korean carmakers are making great strides in the global EV market.

Hyundai and Kia recorded a combined 9.9 percent share of the global EV market in the first quarter of this year, exceeding their 8.9 percent share of the internal combustion engine vehicle market. This was the first time that their EV market share surpassed that of the market for internal combustion engine-powered cars.

Global EV sales stood at 290,436 units in the first quarter of 2020, according to global automotive market research firm MarkLines. Hyundai and Kia sold 28,796 units, securing a 9.9 percent share. During the same period, they held a 8.9 percent share of the internal combustion engine vehicle market.

In the first quarter of 2016, Hyundai and Kia together accounted for 2.05 percent of global EV sales. At the time, global EV sales stood at 67,829 units, of which 1,392 were sold by Hyundai and Kia. Over the next four years, the overall EV market grew 4.28 times while Hyundai and Kia increased EV sales 20-fold. The two companies’ sales hit 10,328 units in the second quarter of 2018 and reached 25,612 units in fourth quarter of 2018.

The two companies went through a period of adjustments in 2019. Sales are expected to exceed 30,000 units in 2021. Hyundai and Kia's global EV market share ranked 15th in 2014 but rose to fourth place in the first quarter of this year.

The achievement is all the more meaningful as it was made at a time when the electrification trend has been accelerating in the global auto market following the outbreak of the new coronavirus. The Chinese government announced a plan to expand charging infrastructure and give more incentives for EV purchases, and the French government has introduced EV-oriented support measures for the auto industry. Many policies are being announced to use the Covid-19 virus as strong momentum to expand electric vehicles around the world.

Taking advantage of this trend, Hyundai Motor plans to launch its first next-generation electric vehicle (Project Name: NE) next year. The model will be based on e-GMP, an EV-only platform. The EV-only platform can increase battery spaces and mileage compared to current internal combustion engine-based platforms. In the long run, the cost structure will also be streamlined to ensure the quality and price competitiveness of vehicles. Starting with the NE in 2021, Hyundai Motor will expand its lineup of electric vehicles to 14 models by 2025. Kia also plans to increase the number of electric vehicle models to 11 during the same period. Hyundai and Kia believe that they can catch up with Tesla with various EV models.

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