Automakers compete to take lead in high-performance EV market

Hyundai Motor Co.’s IONIQ 5 N. [Courtesy of Hyundai Motor]

Automakers, including luxury brands, are engaged in a fierce competition to take the lead in the global high-performance electric vehicle (EV) market.

Top and widely-sought automakers such as Hyundai Motor Co. are bolstering their premium image with high-performance EV models, while luxury brands such as Porsche AG and BMW AG are scrambling to defend their position they have gained in the internal combustion engine car segment.

The world’s major automakers are intent on shifting focus of their high-performance sub-brands to EVs from internal combustion engine vehicles. Models of high-performance brands include Hyundai N, Volkswagen R, Toyota GR, BMW M, and Mercedes-AMG.

Luxury brands have been quick to introduce high-performance EV models.

Globally, Porsche introduced the Taycan in 2019, and Mercedes-Benz AG unveiled the Mercedes-AMG EQS in 2021, followed by many other AMG models across different classes and models such as the EQE and the EQE SUV.

Among the popular brands, Hyundai Motor was the first to introduce a super EV, IONIQ 5 N. Volkswagen AG is currently developing a high-performance EV as part of its plan to fully electrify models in its R lineup by 2030.

Toyota Motor Corp. is developing an electric sports car prototype for its GR line. The structure of an EV is relatively simple compared with that of an internal combustion engine car.

The engine of a high-performance car has a high technological entry barrier and latecomers in the high-performance car market had limitations in catching up with established leaders.

No brand has yet taken the lead in the high-performance EV market. The gap between mass and luxury brands is more about brand prestige than technology.

Mass market brands stress that their high-performance EV models are comparable to luxury brand vehicles.