South Korea has witnessed a record number of hybrid electric vehicle (HEV) registrations this year. (Image courtesy of Yonhap)
SEOUL, Dec. 11 (Korea Bizwire) – South Korea has witnessed a record number of hybrid electric vehicle (HEV) registrations this year, sparking increased interest in upcoming hybrid models.
The Hyundai Motor Group recently completed the development of an advanced hybrid system with improved fuel efficiency. High expectations are set for Hyundai’s luxury brand, Genesis, to potentially release its first full hybrid model (excluding mild hybrids).
According to the CarIsYou Data Research Institute, from January to November this year, a total of 283,365 hybrid vehicles were registered in South Korea. Hybrid vehicles, which combine internal combustion engines with electric motors, serve as a bridge between traditional internal combustion engine cars and electric vehicles.
This marks the first time the annual registration of hybrid cars is expected to surpass 300,000, a significant increase from the 211,304 vehicles registered last year.
The number of registered hybrid vehicles in South Korea, which was only 62,294 in 2016, increased to 84,684 in 2017, 93,307 in 2018, 104,112 in 2019, 152,858 in 2020 and 186,245 in 2021. Accordingly, domestic carmakers such as Hyundai and Kia are developing new hybrid models to meet the surge in demand.
In an interview at the ‘Hyundai Reunion’ held in Como, Italy, last May, Hyundai Chief Technology Officer (CTO) Kim Yong-hwa revealed that the company has developed a next-generation hybrid system surpassing Toyota’s in terms of fuel efficiency. This system is expected to be applied across all models by 2025.
The new hybrid system developed by the Hyundai Motor Group is known to be a P1-P2 system, which adds another motor to the engine, differing from the existing P0-P2 systems. The new powertrain is likely to be produced by Hyundai Transys, a parts supplier of the Hyundai Motor Group.
With the development of this new system, Genesis, Hyundai’s luxury brand, is highly anticipated to launch its first hybrid model. Currently, Genesis has two mild hybrid (MHEV) models where the electric motor only supports engine operation.
While Hyundai and Kia have previously used front-wheel or all-wheel drive hybrid systems, Genesis requires a rear-wheel drive system, which has so far prevented the launch of a full hybrid model.
However, the automotive industry anticipates the development of a high-performance 2.5 liter turbo hybrid engine, which could lead to a suitable rear-wheel drive hybrid system for Genesis.
Despite Genesis’s commitment to launch all its models as electric vehicles from 2025, the recent surge in demand for hybrid cars has internally increased the need to respond to this market trend.
Securities analysts also share similar expectations. Daol Investment & Securities analyst Yu Ji-woong said, “Hyundai Motor Group is likely to see an increase in hybrid vehicle sales next year, and by 2025, dual-motor next-generation parallel hybrid systems will be mass-produced through Hyundai Transys.”
He added, “As the production of high-performance hybrid systems nears, the possibility of developing rear-wheel drive hybrids increases, making the mass production of hybrid models under the Genesis brand highly likely.”
Kevin Lee (kevinlee@koreabizwire.com)
