Hyundai Motor (005380.KS) is ramping up efforts to recapture the world's largest automotive market by unveiling concept cars from its dedicated electric vehicle brand Ioniq for the first time in China.
Hyundai Motor announced Thursday that it held an Ioniq brand launch event at Hyundai Motorstudio Beijing from January 7 to 10, where it revealed new concept cars for the first time globally. This marks the first time Hyundai has introduced the Ioniq brand in China.
The two vehicles unveiled are the "Venus Concept" and the "Earth Concept." Venus is a sedan model finished in "Radiant Gold," a color inspired by the planet Venus. The Earth Concept is a sport utility vehicle (SUV) featuring "Aurora Shield," a color inspired by Earth.
Hyundai said it also introduced technologies and services targeting Chinese consumers at the event. Specifically, the company demonstrated autonomous driving technology optimized for the local market through collaboration with Momenta, a Chinese autonomous driving technology specialist. The automaker also showcased extended-range electric vehicle (EREV) technology designed to address long-distance travel demand and local charging infrastructure.
Hyundai's decision to introduce new EV models in China reflects the rapid shift in local market demand. According to the China Passenger Car Association, a national automotive sales organization, domestic demand for internal combustion engine vehicles is projected to fall nearly 20 percent this year to 9.05 million units from 11.29 million units last year.
Industry observers widely believe Hyundai must respond quickly to these local changes to recover market share in China. Beijing Hyundai, Hyundai's Chinese joint venture, saw its local market share decline from 1.2 percent in 2022 to 0.5 percent last year.
Separately, Hyundai Motor held the "Brake Tech Summit" at Songdo Convensia in Incheon on Thursday to discuss future brake technology development with suppliers. The event was attended by more than 50 brake-related partners including Hyundai Motor, Kia, Hyundai Mobis, HL Mando, Aumobio, KB Autosys, Saeron, Sangsin, Seohan Innobility, Myunghwa Industrial, Namyang Nexmo, and Samsung Precision.
