Global EV market shifts as emerging nations launch brands and Hyundai Steel expands in US

Emerging economies are rapidly developing domestic electric vehicle (EV) brands to reshape the global competition landscape. As the transition from internal combustion engines to EVs reduces the number of required components from approximately 30,000 to 12,000, the barriers to entry for new manufacturers have lowered.

Key regional developments include Vietnam’s VinFast, which captured over 99% of its domestic market in 2025, and Saudi Arabia’s Ceer, a brand launched in collaboration with Foxconn. In Latin America, Mexico’s Olinia is developing affordable models for home charging, while Brazil’s Lecar plans to mass-produce ethanol-hybrid electric vehicles by 2027. Additionally, Turkey’s TOGG and Morocco’s Neo Motors are leveraging existing production bases to expand into European markets.

In the North American market, Hyundai Steel is establishing a localized automotive manufacturing ecosystem by constructing an electric arc furnace steel mill in Louisiana. This facility aims to complete the group’s ‘molten iron to finished vehicle’ supply chain in the United States, providing carbon-reduced steel to Hyundai, Kia, and other global automakers to mitigate trade protectionism and logistics costs.