Hyundai Motor unveils the Ioniq electric car at Beijing auto show on April 25, 2016. (Yonhap)
BEIJING, April 25 (Korea Bizwire) – Hyundai Motor Co. and its affiliate Kia Motors Corp. rolled out their new electric and hybrid cars on Monday as they seek to capitalize on Chinese consumers’ growing affection for more fuel-efficient and small sport utility vehicles (SUV).
At this week’s Beijing auto show, the second-largest of its kind in China after Shanghai, Hyundai and Kia said they plan to begin selling the Ioniq electric car and Niro hybrid crossover vehicle in the Chinese market later this year.
Auto sales in China have shown signs of slowdown as the Chinese economy hit its weakest growth in 25 years last year.
According to data by industry group China Association of Automobile Manufacturers, total vehicle sales in China grew 4.7 percent in 2015 to 24.6 million units. That is down compared to 6.9-percent annual growth in 2014.
With overall auto sales growth expected to fall further this year as the Chinese economy cools, the market for electric cars and smaller sport utility vehicles is widely forecast to enjoy steady sales growth as the Chinese government continues to encourage consumers to buy eco-friendly cars to help ease air pollution.
Also, China’s growing middle-income consumers have shown growing interest in small-size SUVs.
Equipped with a motor that can produce up to 120 horsepower, Hyundai’s Ioniq car can run over 180 kilometers on a single charge.
Hyundai also unveiled a China-only version of its Verna subcompact car, which is still in the concept stage, at the Beijing show.
Lee Byung-ho, head of Hyundai’s joint venture with its Chinese partner, said Hyundai aims to “showcase its innovative vehicles and new lifestyle based on Hyundai Motor’s own philosophy of mobility and eco-friendly technologies at the Beijing auto show.”
Kia’s Niro hybrid crossover is equipped with a 1.6-liter gasoline engine and a 32-kW motor system. It can produce up to 141 horsepower.
Kia Motors unveils the Niro hybrid crossover SUV at Beijing auto show on April 25, 2016. (Yonhap)
Kia also showed off its new K3 compact car with the aim of wooing China’s young drivers.
“The K3 Turbo model is expected to meet demand for consumers,” said Kim Kyeon, head of Kia’s joint venture with its Chinese partner.
Kia also showed off its new K3 compact car with the aim of wooing China’s young drivers.
Meanwhile, South Korean automaker Ssangyong Motor Co, which is owned by India’s Mahindra & Mahindra, said it will start selling its Tivoli Air compact sport utility vehicle in China in June.
“We plan to increase sales with an aggressive marketing strategy in the Chinese sport utility vehicle market, which is expected to maintain its high sales growth,” said Ssangyong CEO Choi Johng-sik.
About 2,500 carmakers and auto parts companies are at the event this year to show off new models and concept cars. The show will run through May 4, according to the event’s organizers.
(Yonhap)
