Hyundai Motor [005380:KS] and Kia [000270:KS] ranked top in electric vehicle (EV) sales in multiple European nations, as reported by the Korea Economic Daily on May 30. In 1Q22, the two South Korean carmakers had the highest total EV market share of 37.8% in Ireland, up 16.9% YoY. Hyundai’s IONIQ 5 and Kia’s EV 6 were the best-selling EVs in Europe, with 1,079 units and 598 units sold in the first quarter, respectively. The two companies also led the EV marketplaces in Spain and Finland, with a combined share of 21.3% in Spain and 21.9% in Finland.
Hyundai Motor intends to sell 670,000 battery EVs and hydrogen fuel cell vehicles (FCVs) worldwide by 2025. Furthermore, the company intends to gradually expand the share of EVs in its product line-up by launching 44 models by 2025 and actively promoting electrification in major regions including China, South Korea, the US, and Europe beginning in 2030. Hyundai Motor and Kia are outperforming key competitors such as Tesla [TSLA:US], Volkswagen [VOW:GR], and other EV makers in the European market. For example, Volkswagen accounted for 20.2% of EV sales in Finland in 1Q22, while Tesla accounted for 15.1%. Hyundai Motor is likewise trying to expand its international footprint. It plans to invest more than USD10bn in the US by 2025 to further advance the electrification of transportation.