Hyundai Drops to 6th Position in the Global EV Market in H1 2021

Seoul: South Korean automaker Hyundai Motors electrical car (EV) gross sales elevated in the first half of the 12 months in contrast with a 12 months in the past, however its world market share fell in the face of toughening competitions with Chinese rivals, business information confirmed on Monday. Hyundai Resumes Production at Its Asan Plant for Upcoming EV Sedan.

Hyundai Motor was in sixth place in phrases of world EVs gross sales in the January-June interval, one notch down from the fifth place a 12 months in the past, in accordance to the information by business tracker SNE Research.

The automaker's world EV gross sales jumped 75.6 p.c on-year to 51,300 items in the first six months of the 12 months, however its market share fell to 2.9 p.c from 4.5 p.c over the interval, information confirmed.

American EV maker Tesla topped the world EV market with a 22.2 p.c share in the first half, adopted by SAIC-GM-Wuling Automobile, a three way partnership amongst SAIC Motor, General Motors and Liuzhou Wuling Motor, in addition to BYD and Volkswagen and Great Wall Motors Company.

Among the high 5, two have been Chinese automakers and a three way partnership involving Chinese firms, reviews Yonhap information company.

Hyundai Motor boosted EV gross sales with its Kona EV, all-electric Ioniq 5 and Porter electrical vans earlier this 12 months, however its progress was slower than Chinese automakers which quickly expanded the market on the again of robust demand on dwelling turf. SNE Research mentioned the Korean automaker faces an uphill battle to increase its presence in the rising EV market because it faces toughening competitors between established automakers and rising Chinese rivals.

(The above story first appeared on SociallyKeeda on Aug 23, 2021 11:26 AM IST. For extra information and updates on politics, world, sports activities, entertainment and way of life, go online to our web site latestly.com).