Andrew Ke, CEO of Hyundai Motor, has extensive experience working in the automotive industry in China. He spent his career in well-known automotive companies such as GM China, SAIC, and Chrysler, and finally joined Hyundai Motor in 2019 as CEO. Hyundai entered the Australian market as early as the mid-90s of the 20th century, launched the small car Excel, and launched a fierce ** battle with Japanese car brands. Now, however, he makes a new point: low-priced models are no longer suitable for modern cars, and technological leadership and brand value will be the competitive advantage of the future. However, Hyundai's position in the Australian market has declined, while Japanese cars still dominate the market. At the same time, as Chinese car brands continue to go overseas, more Chinese brand models have appeared in the Australian market. According to the Australian Federal Chamber of Commerce, Chinese brands such as SAIC MG have also achieved considerable results in the Australian market. With the change of the market landscape, Hyundai Motor will face new challenges in the Australian market.
In the Australian market, sales of Chinese brand cars reached a staggering 14 percent in the first three quarters of this year50,000 units, an increase of 75% year-on-year. What's even more surprising is that electric vehicles account for more than half of sales. According to the Australian Federal Chamber of Commerce, by 2023, the number of Chinese car exports to Australia is expected to exceed 220,000 units, once again hitting a record high. This trend is not accidental, and Tony Webb, president of the Australian Federal Chamber of Commerce, believes that the high cost performance of Chinese cars makes consumers more willing to choose Chinese brands. At the same time, the demand for electric vehicles in China has also increased significantly in the Australian market this year, which has further boosted the growth of car sales in China. It is worth mentioning that, according to the data of the China Association of China, from January to October this year, China's automobile exports reached 39220,000 units, an increase of 59 percent year-on-year7%, which is expected to surpass Japan and rank first in the world for the whole year. This data not only refreshes the historical record, but also proves that Chinese car brands are gradually going global.