Hyundai, Kia speed up expansion in European EV market

South Korea’s two largest carmakers top the EV manufacturers' list in Ireland, Spain and Finland

Hyundai Motor Europe President and CEO Michael Cole poses for a photograph after the IONIQ 5 named 2022  German Car of the Year (GCOTY) in November 2021 (Courtesy of Hyundai Motor Group)
Hyundai Motor Europe President and CEO Michael Cole poses for a photograph after the IONIQ 5 named 2022  German Car of the Year (GCOTY) in November 2021 (Courtesy of Hyundai Motor Group)
Han-Shin Park 2
2022-05-30 15:40:18 phs@hankyung.com
Electric vehicles

Hyundai Motor Co. and Kia Corp., South Korea’s top two automakers, are expanding their presence in Europe, the world’s second-largest electric vehicle market, thanks to the growing popularity of the IONIQ 5 and the EV 6.

The automobile producers of South Korea’s No. 3 conglomerate Hyundai Motor Group topped the bestselling EV carmaker list in Ireland, Spain and Finland in the first quarter, according to industry sources on Sunday. They were among the top three EV makers in the region’s environmentally conscious powerhouses such as Sweden, Norway, Denmark and the Netherlands.

“EV models based on the E-GMP platform such as the IONIQ 5 and the EV6 are selling well in Europe, the home to eco-friendly vehicles,” said a Hyundai Motor Group source, referring to its proprietary Electric-Global Modular Platform. “By accelerating the trend, we will aim to meet a goal to produce 3.23 million EVs worldwide by 2030.”

IONIQ 5, EV 6

Hyundai and Kia’s market share in Ireland’s EV market totaled 37.8% in the first quarter, up 16.9 percentage points from a year earlier, becoming the No. 1 player there for the first time in six quarters. That came as their competitors including Tesla Inc., the world’s top EV manufacturer, Volkswagen and the Renault-Nissan alliance lost their shares, sources said.
A Kia EV6 model, elected Car of the Year 2022, on display during a virtual award ceremony at the Palexpo in Geneva, Switzerland, on Feb. 28, 2022 (Courtesy of EPA, Yonhap)
A Kia EV6 model, elected Car of the Year 2022, on display during a virtual award ceremony at the Palexpo in Geneva, Switzerland, on Feb. 28, 2022 (Courtesy of EPA, Yonhap)

Volkswagen ranked No. 2 with a 21.3% market share, followed by the Renault-Nissan alliance with 11% and Tesla with 10.5%.

Hyundai’s IONIQ 5 was the bestselling EV with sales of 1,079 units, while Kia’s EV 6 ranked third with shipments of 598 units. The second-bestselling EV was Volkswagen’s ID.4 with sales of 743 units, while the Nissan LEAF and the Tesla Model 3 ranked No. 4 and No. 5, respectively.

In Spain, the South Korean players took the lead in the first quarter with a market share of 21.3% by selling 1,717 EVs, followed by Stellantis N.V. with a 19.6% share and Tesla with a 17.5%.

Hyundai and Kia sold 663 EVs, topping Finland’s EV market with a combined market share of 21.9%. That compared with Volkswagen’s market share of 20.2% and Tesla’s 15.1%. The country is a small but crucial eco-friendly vehicle market with EV sales accounting for more than 10%, nearly double the 5.6% EV portion in South Korea.

The South Korean automakers ranked second in Sweden and third in Norway, Denmark and the Netherlands. In Germany, France and Switzerland, they were the No. 4 EV maker.

Write to Han-Shin Park at phs@hankyung.com
Jongwoo Cheon edited this article.

IONIQ 5 emerges as EV game changer with industry accolades

IONIQ 5 emerges as EV game changer with industry accolades

Hyundai's IONIQ 5 NEW YORK – Hyundai Motor Co.'s all-electric IONIQ 5 crossover has been named the World Car of the Year following a series of recent industry accolades in the latest sign that the top South Korean automaker is leading the pack in electrification.The IONIQ 5, the firs

IONIQ 5, Niro February sales beat global EVs in Europe

IONIQ 5, Niro February sales beat global EVs in Europe

Hyundai's IONIQ 5 (Courtesy of Hyundai Motor Group) Hyundai Motor Group’s electric vehicle sales in Europe are rapidly rising. Hyundai Motor Co.'s IONIQ 5, launched in Norway in May 2021, topped monthly EV sales in the Northern European country last month for the first time. Also, Kia Cor

Hyundai to offer auto finance in France to boost Europe vehicle sales

Hyundai to offer auto finance in France to boost Europe vehicle sales

Hyundai Capital is launching an auto finance JV in France Hyundai Capital Services Inc., a financial services subsidiary of Hyundai Motor Group, and CGI Finance, a unit of Societe Generale Group, have launched an auto finance joint venture in France to support the South Korean carmaker’s

Kia to go EV-only in Europe by 2035, teases EV9 SUV concept

Kia to go EV-only in Europe by 2035, teases EV9 SUV concept

▲ [LIVESTREAM] Kia Sustainability Movement: Innovation inspired by nature Kia Corp., the automaking unit of South Korea’s Hyundai Motor Group, said on Thursday it will only sell electric and fuel cell vehicles in Europe from 2035, five years ahead of schedule, in line with the group&rsquo

(* comment hide *}