With the strong rise of domestically produced new energy vehicles, Korean car brands have seen their presence in the domestic market diminish in recent years.
According to South Korean media reports, a Hyundai Motor executive visiting the Beijing Auto Show recently stated that it has become increasingly rare to see Hyundai and Kia cars on the streets of China.
Currently, Hyundai Motor Group’s position in the Chinese market has reached its “historical low,” with a market share of just 1.6% last year. This is a stark contrast to Hyundai’s heyday when it enjoyed a market share of over 10% in China.
In its financial reports last year, Hyundai Motor Group did not disclose specific sales data for Hyundai and Kia brands in the Chinese market.
Based on publicly available sales data, the combined sales of Hyundai and Kia in China have just exceeded 300,000 units, significantly lagging behind German and Japanese cars.
However, reversing the downturn in the Chinese market is no easy task for Hyundai Motor. In comparison to eight years ago, the technological level of Chinese domestic cars has improved significantly.
Some South Korean media visiting the Beijing Auto Show remarked that Chinese domestic cars, if rebranded, could easily pass for European imports. Moreover, China’s BYD has quietly become the world’s largest new energy vehicle manufacturer, while NIO has already commercialized battery swap technology, a concept just starting to gain traction in the Korean market.
A South Korean industry insider stated that the current Chinese auto market is no longer what he once knew. The rapid and immense changes in such a short period of time are not only shocking but also frightening.