Both companies are ready to strengthen their foothold in the EV segment with a stream of new models
Despite the onslaught of new and exciting products, Hyundai Motor Co and Kia Motors Corp have been on the slump for two consecutive years. However, going into 2021, the South Korean automakers are expressing optimism as they forecast a sales jump of 11.5% to 7.08 million units in global vehicle sales.
Both companies are adamant to put themselves in a more favourable position after last year’s crippling coronavirus pandemic saw their sales tumble to a decade low of 6.35 million vehicles, down 12% from the initial target and 20% off a peak achieved in 2015.
The 2021 global sales target seems to be rather ambitious, given the fact that the automakers have missed their sales predictions for the past six years, but analysts have described it as realistic.
To achieve the desired outcome, both Hyundai and Kia are banking on a strong EV offensive throughout the year. Hyundai will start with the Ioniq 5, which is the brand’s first model to utilise the recently revealed Electric-Global Modular Platform (E-GMP), a dedicated battery electric vehicle (BEV) architecture.
As for the Kona Electric, the fully electric crossover may face the axe in its home market despite enjoying solid sales due to a series of battery fire incidents that led to a global recall.
Kia will also introduce an E-GMP-based model next year as part of its Plan S strategy, which aims to lead the popularization of electric vehicles. Under the strategy, the automaker plans to offer 11 EVs by 2025.
