FAR EAST: SOUTH KOREA REPORT
Hyundai Motor Indonesia (HMID) said it has signed contracts for more than 800 units of the Ioniq 5 EV announced at the Indonesia International Motor Show (IIMS) Hybrid 2022 in Jakarta.
The company announced that it has started mass production of the Ioniq 5 and that it will begin shipping to dealers in April. The Creta SUV was the second most sold model after the Ioniq 5, with approximately 600 units sold, bringing the total number of vehicles sold to over 1,500, including EVs and gasoline-powered vehicles.
Source: NNA
PSR Analysis: According to the Association of Indonesian Automobile Manufacturers (Gaikindo), HMID had sold a total of 588 units of the Kona Electric and Ionic Electric, EV small SUVs, in 2021. This shows how significant the number of orders at the show was.
Many auto shows in Southeast Asia are different from those in North America and Japan, with more emphasis on business negotiations. The atmosphere is more like an exhibition and sales hall. This news is also indicative of the strong local interest in EVs and the recovery of purchasing power in the region.
The Hyundai brand is becoming increasingly well known in Southeast Asia each year, and as competition intensifies, Hyundai’s market share is expected to grow in tandem with the growth of the local EV market as the balance between price and performance is highly regarded. PSR
Akihiro Komuro is Research Analyst, Far East and Southeast Asia, for Power Systems Research
