Hyundai Motor revealed the China-customized electric vehicle 'ELEXIO' and announced that it will introduce six new energy vehicles by 2027.
Hyundai Motor's joint venture Beijing Hyundai held a new car unveiling event for Chinese media in Shanghai on the 22nd, stating this. The newly unveiled vehicle is the C-SUV ('ELEXIO'). Hyundai Motor developed the ELEXIO over a period of about five years.
Hyundai Motor is already selling the 'Ioniq 5N' in China, but the ELEXIO is the first electric vehicle customized specifically for the Chinese market. The ELEXIO is set to be officially launched in the second half of this year.
At the event, two models in white and light purple were unveiled, but photography was prohibited. It is reported that there are differences in designs like the headlamps compared to the Ioniq. Specific specifications are still undisclosed.
Having recorded poor performance in China, Hyundai Motor recently saw its market share fall to 1%, leading to speculations about its withdrawal from the Chinese market. In response, Beijing Hyundai drew the line, stating, "There will be no withdrawal."
According to the Chinese automotive media AutoHome, during a press conference for Chinese media, when asked about the possibility of withdrawal from the Chinese market, Beijing Hyundai noted, "No multinational corporation will give up the Chinese market," and stated it will strengthen its position within the Chinese automotive market.
Reports indicate that China's automotive market is expected to exceed 30 million units in 2023 and 2024 consecutively. In particular, it is projected that in 2024, sales of new energy vehicles will surpass 10 million units, accounting for more than 40% of total sales. Annual exports are expected to reach 5.86 million units, a 19.3% increase compared to the previous year. In the same year, global sales of the top 10 automotive manufacturers are estimated to have reached about 54 million units, of which 44% are believed to have been sold in the Chinese market.
Beijing Hyundai stated, "This year, Hyundai Motor and Beijing Automotive Industry Holding Co. (BAIC) will enter a 'new cooperative era,'" presenting a new strategic goal of "In China, for China, towards the world." They plan to accelerate innovation following three major milestones: localization, smart power transition, and overseas market development. To this end, Beijing Hyundai also announced it would increase its capital by 8 billion yuan (about 1.556 trillion won).
Additionally, Beijing Hyundai said, "In 2024, we achieved exports of 50,000 vehicles, and we aim to double the annual export volume to achieve 100,000 units in 2025," and added, "We plan to maintain this growth trend over the next several years."