Hyundai, Kia together command 4th largest share in global EV market as of Mar

Kona EV. [Photo by Hyundai Motor Co.]

South Korea’s largest automaker Hyundai Motor Co. and its sibling Kia Motors Corp. commanded fourth largest share in global electric vehicle market as of March, data showed.

Hyundai Motor and Kia Motor sold a combined 24,116 units of all-electric vehicles worldwide from January to March, taking up 8 percent of the total or the fourth largest, according to market tracker EV Volumes’ report acquired by the Automobile Manufacturers Association on Wednesday.

EV giant Tesla claimed the largest global market share of 29 percent after selling 88,400 cars during the period. It was followed by Renault-Nissan with 13 percent (39,355 units) and Volkswagen with 11 percent (33,846 units).

China’s BYD sold 18,834 units, the fifth-largest with a 6 percent share.

Exports of all-electric vehicles from Korea totaled 20,173 units in the first quarter, up 25.9 percent from a year ago. Combined with fuel-cell EV shipments, EV exports from Korea to the European Union soared 58.3 percent on year to 14,542 units thanks to stricter environmental regulations in the region, while exports to North America fell 10.8 percent to 3,232 units.

Tesla is the market No. 1, if counted sales volume of all-electric models and plug-in hybrids. But the second-largest seller in the segment is Volkswagen with 59,916 cars, followed by Renault-Nissan with 51,361 units, BMW with 37,041 units, and Hyundai/Kia with 36,846 units.

In the global race for EV supremacy, Tesla dominates North America and Volkswagen Group beats Tesla in Europe, said EV Volumes. In China, where competition is much fiercer due to fast ascent of local names, Tesla raised its market share to 12 percent with the launch of its best-selling Model 3 sedan this year, and Volkswagen expanded vehicle lineups for an 8 percent share.

Tesla boasts its lead in Korea as well, with a 46 percent share in the Korean EV market after selling 4,070 units in the first quarter. Domestic brands sold 3,945 units, down 34 percent on year due to reduced subsidy and smaller lineups.

Hyundai Motor shares on Wednesday closed 0.31 percent higher at 98,100 won ($79.48) in Seoul, and Kia Motors 1.43 percent up at 31,950 won.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]