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Hyundai Automobile and BAIC join hands to build trams!

2024-04-24 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)09/13 Report--

Another multinational carmaker has chosen to develop electric cars with local Chinese companies, this time South Korean carmaker Hyundai Motor.

Hyundai Motor Group revealed at its South Korean headquarters on September 12 that it is preparing to launch electric cars with Chinese partner BAIC, and will also consider working with more Chinese companies in the field of electric vehicles and software. As for the partners, Hyundai Motor Group said it was open-minded.

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According to another report, a senior official of Hyundai Automobile headquarters in South Korea revealed: "the electric vehicle project of cooperation between Hyundai and BAIC is in progress and will see results in the near future." Industry insiders close to BAIC pointed out: "although sales have fallen short of expectations in recent years, BAIC New Energy has a certain technology reserve." Hyundai and BAIC's electric vehicle project has a lot of room to imagine. "

According to the report, the cooperation between Hyundai and BAIC may be carried out in two ways at the same time, including the direct introduction of Hyundai IONIQ series models, which are produced locally by Beijing Hyundai; the core Sandian technology provided by BAIC New Energy, which is designed by Hyundai, and the products launched may be under the ownership of a new joint venture and independent brand. The electric cars cooperated by the two sides may face the popular market of 10-250000 yuan.

As of press time, however, BAIC and Hyundai China had not responded to the news.

According to the data, Hyundai Motor Group sold 6.8482 million vehicles worldwide in 2022, second only to Toyota (10.483 million) and Volkswagen (8.481 million). According to global sales data, Hyundai is not performing badly, but its market share in China is gradually being carved up. Hyundai sold only 343000 vehicles in China in 2022, accounting for 5 per cent of global sales, and its market share in China has fallen to 1.6 per cent.

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It should be noted that Hyundai's joint ventures in China have sold more than one million vehicles for four consecutive years. Hyundai Motor Group and BAIC jointly established Hyundai in China in October 2002. since then, Hyundai sales in China have seen a high-profile moment, with sales of 1.03 million, 1.16 million, 1.06 million and 1.14 million vehicles respectively from 2013 to 2016, reaching an all-time peak in 2016, but sales have been declining since then.

In August, the Hyundai Chongqing plant in Beijing, which has been in operation for six years, was put up for sale at a 50 per cent discount, with a reserve price of 3.684 billion yuan. Beijing Hyundai Chongqing plant is Hyundai's most advanced factory, with an annual production capacity of 250000 vehicles, but due to declining sales, overcapacity can only be put up for sale. From January to August this year, Beijing Hyundai sold a total of 157400 vehicles, according to the Federation of passengers. Among them, the model with the highest sales volume is the Elantra, which is 68800; Tusheng and ix35 are 31200 and 24300 respectively; and the sales of other models are all less than 10,000.

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In the context of intelligent electrification, the rise of China's own brands, while Beijing Hyundai has lost the best opportunity to enter the new energy track and brand influence has declined seriously, which is one of the reasons why Beijing Hyundai sales continue to decline. In this context, Hyundai Motor and BAIC jointly build trams may be a good shortcut. Industry analysts said: "BAIC new energy development electrification earlier, there has been successful experience and technology accumulation, this is an opportunity for modern times." The example that BAIC New Energy is seeking to deepen cooperation with Huawei to make up for its shortcomings may be an inspiration for modern times. "

Of course, with the rapid development of China's new energy market, more and more multinational car companies have chosen to cooperate with Chinese electric car companies to quickly promote the electrification process, so as to reshape the market position. For example, Volkswagen and Xiaopeng, Audi and SAIC, Changan Ford and Changan Automobile, and so on, the automobile industry is concerned that Volkswagen and Xiaopeng, or Audi and SAIC, are actually the beginning of actively seeking change, and there will be more cases of cooperation between traditional car companies and Chinese car companies in the future.

Although Hyundai Motor Group is increasing its investment to accelerate the electric transformation, it is a fact that Hyundai Motor has lagged behind in the Chinese market, so it is not easy for Hyundai to seize a place in the highly competitive electric vehicle field. The electric transformation of modern automobile is imminent, and the most urgent thing to be solved is to have products that can be played. As to whether Hyundai Automobile and BAIC jointly build trams can usher in innovation at that time, it will take more time to verify.

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