Hyundai and Kia intensify defense of South Korean EV market

The South Korean electric vehicle (EV) market is experiencing intense competition as domestic manufacturers fight to maintain market share against rising imports. While domestic EV sales rose 75.7% between January and August compared to the previous year, the market share held by Korean brands fell from 62.1% to 57.3% during the same period.

Hyundai Motor Group is responding to pressure from brands like Tesla and BYD by restructuring trim options and enhancing price competitiveness. For example, the Ioniq 5 has seen price adjustments to attract buyers, and the Ioniq 9 is being positioned to compete in the luxury segment.

Kia is aggressively expanding its lineup, ranging from small SUVs to commercial vehicles. Kia recently became the first automaker to exceed 100,000 cumulative EV sales in South Korea. The company is also focusing on Purpose Built Vehicles (PBV) as a new growth driver to capture the commercial EV market.