On January 30, South Korea's ** "edaily" published an article saying, "Starting this year, there will be a first-class competition around the dominance of the popularization of electric vehicles." The country that needs the most attention now is China. Global OEMs should learn from China's EV competitiveness. ”
Yang Jin-so, director of the Automotive Industry Research Department of the Hyundai Motor Group Economic and Industrial Research Center, said this at the New Year's seminar held by the Korea Automotive Journalists Association with the theme of "2023 Global Automotive Market Review and 2024".
The total electric vehicle market is expected to be 16.46 million units this year. The growth rate is expected to be 246%。In 2021 it was 1112%, compared to 60% in 2022, the growth rate has slowed down significantly.
Yang Jin-so believes that electric vehicles have passed the initial introduction period and entered the popularization period, and economic viability has become important. This is based on the announcement this year that major automakers will reduce electric vehicles** and expand the introduction of lower-priced models.
He emphasized: "The competition for electric vehicles that has continued since last year is the beginning of the battle for who will lead the popularization", and "this trend is not simply to eliminate the inventory of electric vehicles, but to seize market share."
Especially in the next 2-3 years, providing "affordable**" will become an important factor in the competition of the electric vehicle market. "Like Tesla in the United States and BYD in China, they have also left ample profits through electric vehicle manufacturing. From the standpoint of a leading company, even if it is at the expense of profits, it is necessary to gain market share. From the standpoint of automakers, only by reducing the number of products can they grasp the market and expand their market share. ”
At the moment of the popularization of electric vehicles, the most noteworthy country is China. Yang Jin-so said: "We need to pay close attention to Chinese companies. We have also been learning from Chinese companies internally since 2015. He added, "In the EV segment, China's competitiveness is shifting to a perspective that global automakers should see and learn from." ”
Hyundai Motor Group believes that Chinese companies are fully competitive in the electrification landscape. "There is an increasing number of cases of Chinese companies expanding into overseas markets with pure electric vehicles and plug-in hybrid vehicles. He pointed out that China's overseas exports of new energy vehicles from January to November last year increased by 87% year-on-year to 1.6 million.
The cooperation model between Chinese EV companies and existing OEMs is also changing, going beyond China's domestic market and leveraging China's EV technology capabilities to conquer the global market.
Yang Jin-so said: "In the automotive industry, there is a great possibility that the influence of Chinese electric vehicle companies will expand. "In the face of changes in the EV landscape, it is very likely that Chinese companies will do well. ”
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