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Hyundai shifts focus to China and India to reduce US reliance
Source: www.azernews.az
Author: Alimat Aliyeva
Hyundai Motor is accelerating efforts to diversify its sales networks with tailored market strategies for China and India, amid ongoing global uncertainties -- including the potential imposition of auto tariffs in the United States, Azernews reports, citing Korean media.
Beijing Hyundai Motor Company (BHMC), Hyundai's joint venture in China, began taking preorders on Thursday for its new compact electric SUV, the Elexio, according to industry sources.
Similar in size to the Kia EV5, the Elexio measures 4.615 meters (about 15.1 feet) in length and 1.875 meters (6.15 feet) in width. It is powered by lithium iron phosphate (LFP) batteries supplied by Chinese automaker BYD, offering an impressive maximum range of 722 kilometers (449 miles) on a single charge, based on Chinese certification standards.
The Elexio was developed and manufactured entirely in China. It features design elements tailored specifically for Chinese consumers -- notably incorporating the number eight, a symbol of good luck in China, into its daytime running lights. The interior boasts a large 27-inch wide infotainment display, catering to local preferences for advanced in-car technology.
Beijing Hyundai priced the Elexio between 130,000 yuan ($18,240) and 150,000 yuan, roughly matching the local price of the Kia EV5, which stands at 149,800 yuan.
The company plans to launch six China-exclusive electric vehicles by 2027, starting with a new compact electric sedan next year, as part of a localization strategy aimed at reclaiming lost market share.
China remains the world's largest auto market, with 31.44 million vehicles sold last year -- nearly double the 15.9 million units sold in the United States.
However, Hyundai Motor Group's sales in China have plummeted since the 2017 THAAD missile defense controversy, with combined sales of Hyundai and Kia dropping to just 204,573 units last year, accounting for a mere 0.65 percent market share. This contrasts sharply with 2016, before the fallout, when the group sold 1.14 million units and held nearly 4 percent of the market.
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