Hyundai Motor Company Planning to Overcome Weak Domestic Sales through Electric Vehicles

Aug 16, 2017

Hyundai Motor Company has set a goal for next year’s domestic sales of electric vehicles at 18,000 which is more than twice of its goal for this year’s domestic sales of electric vehicles and it is going to release its first SUV electric vehicle early in domestic markets. This is its strategy to overcome weak domestic sales through its electric vehicles.
According to electric vehicle industries on the 15th, Hyundai Motor Company is hoping to sell 12,000 KONA, which is a small SUV Electric vehicle, and 6,000 IONIQ Electric in 2018.
Its goal for next year’s sales of electric vehicles at 18,000 is more than twice than its goal for this year’s sales of 8,000 IONIQ Electric and it also surpasses half of 30,000 electric vehicles which is an amount of supply of electric vehicles planned by South Korean Government to be supplied to people in South Korea in 2018. It is likely that Hyundai Motor Company and Kia Motors will dominate South Korean electric vehicle markets as Kia Motors is also looking to add its SUV electric vehicle called ‘Niro’ to its 2018 sales line along with its current ‘Soul EV’.
KONA will be the first South Korean SUV electric vehicle along with Niro and will be equipped with South Korean battery and have maximum range of 390km with single charge. Hyundai Motor Company is also looking to upgrade current version of IONIQ Electric by increasing its battery capacity by 20 to 30% so that its maximum range will be more than 250km with single charge.
In order to be target electric vehicle markets aggressively next year, Hyundai Motor Company is going to select two companies by next month that will establish charging stations for Hyundai Motor Company’s electric vehicles.

Vice-Chairman Chung Eui-sun of Hyundai Motor Company announced sales of Kona at a presentation of ‘KONA’ that tooko place last month. <Vice-Chairman Chung Eui-sun of Hyundai Motor Company announced sales of Kona at a presentation of ‘KONA’ that tooko place last month. >

Hyundai Motor Company recent held a private business presentation for 2018 with electric vehicle charging service companies that are registered on Ministry of Environment at the center. By considering supply of 18,000 electric vehicles, Hyundai Motor Company is going to select companies based on self-proposal method that emphasizes securing of supplies, competitive edge in price, and convenience and accessibility for customers. In order to participate in this project, these companies will be able to sell and install charging stations immediately starting from the 1st of January of 2018. This indicates that Hyundai Motor Company is contemplating about releasing KONA early 2018 which will be earlier than its original schedule.
“We are currently doing our best to improve quality of our services as eco-friendly vehicle strategy that is centered on electric vehicles and fuel cell electric vehicles is tightening up even more.” said a representative for Hyundai Motor Company. “We cannot disclose any sales goal for our electric vehicles in 2018 and detailed strategies.”
Accumulated sales volume of IONIQ Electric in 2017 is currently around 3,600 (based on registration) and it will be likely for Hyundai Motor Company to reach its goal of 8,000 since accumulated sales volume will be around 7,000 when number of preorders is included as well.
On the other hand, Jaguar’s ‘I-PACE’ SUV besides Hyundai Motor Company’s Kona and Kia Motors’ Niro has been confirmed to be released in South Korea in 2018. Nissan’s ‘Leaf’, Benz’ ‘EQ’, Audi’s ‘e-tron Quattro’, BMW’s ‘Mini EV’, and Land Rover’s electric vehicles may be released in South Korea in 2018 as well.
Staff Reporter Park, Taejoon | gaius@etnews.com

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