Hyundai is gearing up to launch its first dedicated electric vehicle (EV) in China next year, as competition intensifies with the rise of low-cost EVs. Despite a significant increase in electric vehicle sales—1.29 million new energy vehicles were sold in September, marking a 42% year-over-year rise—many legacy automakers are struggling to maintain their market presence.
Hyundai’s share of the Chinese market has dropped to 1.2%, and the automaker’s sales have declined since 2017. In response, Hyundai has established the Hyundai Motor China Advanced Tech and R&D Center in Shanghai, aimed at developing a dedicated EV designed specifically for Chinese consumers. General manager Yang Feng told Jiemian News, “We are launching our first dedicated EV for China next year,” emphasizing the integration of advanced technology and local partnerships.
Hyundai is collaborating with Thundersoft and Jianzhi Robotics for its next-generation EVs. Despite recent struggles, Yang Feng expressed confidence that Hyundai can leverage local tech expertise to regain market traction. Fang Yinliang from McKinsey noted, “Investment in the Chinese market is likely to increase,” highlighting the importance of innovative partnerships.
The new R&D center’s developments are expected to boost sales in China and support Hyundai and Kia’s global exports.
