Categories: Environment

Hyundai has a plan to compete with Chinese brands

Hyundai, the Korean company, is considering the creation of a “sub-brand” specifically for low-cost electric cars in order to compete with Chinese brands.

Chinese electric car brands such as BYD and those affiliated with Geely are gaining ground in multiple markets, as evidenced by the numbers. In response to this competition, more established manufacturers need to find ways to make their electric cars more accessible.

Reports suggest that the Hyundai group is exploring the possibility of launching a new “sub-brand” exclusively for cheaper electric cars, positioned in contrast to Genesis, the manufacturer’s high-end brand.

The Main Focus for Hyundai: The Chinese Market

The primary goal of the new Hyundai group brand is to sell in China, which is currently the world’s largest market for electric vehicles, accounting for over 23% of new car sales in 2023 with a total of more than 6 million units sold. To achieve this, the company is reportedly considering a partnership with Baic Group, a major Chinese automobile manufacturer.

Change in Strategy

Despite its official withdrawal from the Chinese market in 2023, Hyundai plans to introduce five new electric vehicles in China over the next three years under the new project “OE RE”. These models will not carry the Hyundai brand.

Read also:
Hyundai Kona: 35,000 units recalled
Hyundai Tucson: What’s in store for its restyling?
Hyundai Mufasa: A new robust and sporty SUV

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