[Conference Call] Ioniq 3 Targets the European Market... Hyundai Aims to Sell 20,000 Units in the Second Half

Hyundai Motor Company has positioned the Ioniq 3 as its key strategy for a rebound in the European electric vehicle market. By leveraging its price competitiveness, the company aims to counter the aggressive push of Chinese electric vehicles, while targeting sales of approximately 20,000 units in the second half of the year.

In a Q2 earnings conference call on July 23, Hyundai Motor Company stated, "We faced challenges in sales during the first half of the year in the European market, due to the aging of existing volume models such as Kona and Tucson, as well as the aggressive market entry by Chinese electric vehicle brands." The company added, "So far, we have lacked B-segment electric vehicles that can compete with Chinese manufacturers. As such, we are preparing to launch the Ioniq 3 to address this gap."

Hyundai Motor Company

The company identified price as the Ioniq 3's greatest competitive advantage. Hyundai Motor Company explained, "We are prioritizing price competitiveness in the development of this vehicle," and further stated, "Our plan is to launch the model at a price that can compete in the market, while ensuring profitability through cost reduction."

The Ioniq 3 is set to enter the European market in the second half of this year, with a sales target of around 20,000 units. However, as the launch will occur close to year-end, the company expects actual sales volume for this year to be limited.

Hyundai Motor Company commented, "Since the releases of the Ioniq 3 and new electric vehicle models are all concentrated in the fourth quarter, the recovery effect on European sales this year will likely be limited. However, we expect that as these new models launched this year go into full-scale sales next year, it will help restore growth momentum in the European market."

This content was produced with the assistance of AI translation services.