As you know, EV Sales analysts recently summed up the results of January 2021 in the electric vehicle market. According to their calculations, the first place was taken by the electric car Wuling Hong Guang Mini EV by SAIC-GM-Wuling Automobile, which sold 36,762 units. The second and third places were taken by the Tesla Model 3 and Model Y, which sold 21,589 units and 9,597 units, respectively. Chinese companies ranked fourth to ninth on the list. Hyundai Motor Group ranked only 18th with the Niro electric car.
Source explains low sales figures for electric vehicles by Hyundai Motor and Kia this year
sluggish sales in the Chinese market. According to the Korea Association of Automobile Manufacturers, 2,943,172 electric vehicles were sold worldwide in 2020, of which 1,206,610 were in China, which is more than 40%.
American and European companies such as Tesla and BMW, as well as Chinese electric vehicle companies, rely on China for a significant portion of their electric vehicle sales. For example, the top-ranked Wuling Hong Guang Mini EV came out on top thanks to strong sales in China. Nearly two-thirds – 64% – of sales of the second-largest electric vehicle Tesla Model 3 also comes from China.
The source notes that Hyundai Motor Group is lagging behind its main competitors such as Tesla, Volkswagen and GM. According to the same Korean Association of Automobile Manufacturers, in 2019 Volkswagen and Hyundai Motor Group sold 123,152 and 124,114 electric vehicles, respectively. But the gap widened in 2020 as Volkswagen managed to sell 381,406 units and Hyundai Motor Group only 198,487. GM also sold 222,116 units in 2020, ahead of Hyundai Motor Group, although GM sales were only 94,889 in 2019. units. The Swiss investment bank UBS recently published an analysis according to which the situation in the global electric vehicle market by 2025 will turn into a rivalry between two participants – Tesla and Volkswagen.
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