Beijing Hyundai Motor, a joint venture (JV) of Hyundai Motor and BAIC Motor , aims to release two electric vehicle (EV) models specifically for the Mainland in order to revive its market sales, as reported by the Korea Economic Daily on July 18. In light of its slow sales volume in China, the JV aims to reach annual sales of more than 360,000 units in 2022 and sales of 520,000 units in 2025.  

Beijing Hyundai’s sales began to fall year after year since 2016. Hyundai sales fell 27.8%, 8.6%, 5.7%, and 28.7% YoY from 2017 to 2020, respectively. In comparison, China’s production and sales of new energy vehicles (NEVs) continue to expand. In June, China’s NEV output and sales were 590,000 and 596,000 units, respectively, rising 1.3 times YoY. Production and sales volume were both up 1.2 times YoY in the first half of this year, at 2,661,000 and 2,600,000, respectively. As a result, Hyundai Motor is trying to expedite electrification in order to revitalize its Chinese business. BAIC and Hyundai Motor each put around USD471M into their JV in March. This capital increase is expected to provide Beijing Hyundai with significant financial assistance for the introduction of new products, the strengthening of NEV footprint, and other initiatives.

Sources:

https://www.kedglobal.com/electric-vehicles/newsView/ked202207180017

http://finance.people.com.cn/n1/2022/0719/c1004-32479501.html

http://auto.cyol.com/gb/articles/2022-03/24/content_dANnnsKmv.html

https://www.dongchedi.com/article/6946469431925113376