Hyundai, Kia Eye Domestic EV Sales Rebound in H2 with Entry-class Models

SEOUL, Jul. 10 (Korea Bizwire) — Hyundai Motor Co. and Kia Corp., South Korea’s leading automakers, are aiming for a rebound in domestic electric vehicle (EV) sales in the second half of the year with reasonably priced new entry-class compact models.

According to industry data, Hyundai Motor sold a total of 16,842 EVs domestically in the January-June period, down 54.7 percent from a year ago. In June alone, sales fell 36.4 percent on-year to 3,625 units.

Kia sold a total of 16,537 units during the six-month period, recording a 39.9 percent decrease from last year. By model, sales of the Niro EV plummeted 80.4 percent, while sales of the EV6 went down 50 percent to 5,305 units.

Hyundai Motor Group’s weakened domestic EV performance is attributable to a slowdown in demand due to the weak economy and also reflects the so-called EV adoption chasm in the country taking its toll on the market.

In light of such developments, Hyundai Motor and Kia are aiming for a rebound by launching new EVs targeted at mass adoption with driving ranges comparable to internal combustion engine counterparts.

According to industry sources, the number of preorders for Kia’s new small electric SUV, the EV3, has surpassed 10,000.

Pricing for the all-new battery SUV will range between US$35,000-$50,000 depending on the market. In the domestic market, the EV3′s entry version will be available at around 35 million won ($26,000) with government subsidies, according to Kia.

The EV3 is equipped with Hyundai Motor Group’s dedicated EV platform named E-GMP and a ternary, or nickel-cobalt-manganese (NCM), lithium battery. The long-range trim offers a driving range of 501 kilometers on a single charge.

Hyundai Motor also started receiving preorders this week for its new Casper Electric mini SUV in South Korea. The company has opened preorders for the long-range “Inspiration” variant of the Casper Electric, which was unveiled at the Busan International Mobility Show last month.

The new mini SUV is the electrified version of the gas-powered Casper first introduced in 2021 but with a suite of overhauled improvements.

The model is also equipped with a 49kWh NCM battery, offering a driving range of up to 315 kilometers on a single charge.

The Casper Electric will be available in two other variants as well — base and off-road style variants. Preorders for those will also be opened sequentially.

Hyundai said it expected consumers to be able to purchase the Inspiration variant for between 20 million won and 23 million won with EV subsidies from the central and local governments.

Automotive industry watchers keeping close tabs on the market and consumer responses of both models see them as potential barometers in whether domestic automakers can overcome the growth stagnation in the mass adoption of EVs.

“There is hope that if these two models succeed, they will eliminate consumer hesitation and open the door to mainstream adoption of electric vehicles in the domestic market,” an industry observer said.

(Yonhap)