Hyundai-Kia grabs bigger market share in EVs than combustion engined cars
In a sign of changing times, the Hyundai Motor Group now controls a larger share of the global EV market than it does with conventionally powered IC engines.
In the first quarter of 2020, the Hyundai-Kia brands controlled 8.9 per cent of the global IC-engined car market. In the same time span, the two brands sold 28,796 EVs. This accounts for a 9.9 per cent share of the global EV market. The company is now the fourth-largest maker of EVs in the world. Aside from Chinese carmakers, the top-three EV makers globally are Tesla, Nissan-Renault, and the Volkswagen Group.
The Hyundai Motor Group has made rapid strides in the EV space in the last five years. The company was the 14th largest EV maker in 2014, but promising and affordable EVs like the Hyundai Kona Electric and the Kia Soul EV have led the Korean firm to make rapid gains.
In the next stage of Hyundai's EV onslaught, the firm is developing a dedicated architecture for electric vehicles. The first model based on this is expected to debate next year. Eventually, a family of 14 EV models are planned by Hyundai by 2025. In the same period, Kia will have 11 EVs. In the short-term, the company is expected to sell 30,000 EVs by 2021.
Source: Business Korea