According to the Hyundai Motor Group, both Hyundai and Kia plan to offer 44 eco-car models by 2025, more than half of which will be dedicated to EVs (23 models).
Hyundai revealed in its 2025 strategy announced at the end of last year that it would increase EV and FCV sales to 560,000 and 110,000 units respectively. Kia has set a goal of selling 500,000 EVs and 1 million eco-cars by 2026, with 11 EV models available across all vehicle classes by 2025.
Source: Yonhap News Agency
PSR Analysis: At present, both vehicle production and exports fell significantly in April due to the impact of COVID-19. In April, production fell 22.2% YOY and exports fell 44.3% YOY. But when we look at eco-cars, exports and domestic sales increased by 11.5% and 28.3% respectively.
Even during the predicament caused by the new coronavirus, the eco-car ratio is showing an increasing trend. Exports of EVs jumped 94.6% to a record 9,761 units. Of course, the entire South Korean auto industry is badly hurt by the ongoing corona shock.
However, even against this huge drop, Korean-branded eco-cars, including EVs, may be beginning to gain international recognition. Growth in external demand for these eco-cars will be a prerequisite for the recovery of Korean automobile production in the future. PSR
Akihiro Komuro is a Research Analyst, Far East and Southeast Asia, for Power Systems Research
