Summary
- Sign up for daily news updates from CleanTechnica on email or follow on Google News
- A closer look at the best-selling automotive groups for plugin vehicles, including Hyundai-Kia, Toyota, GAC, and Mercedes
- Hyundai-Kia is steadily growing in the EV market, with Kia being the best-selling brand within the group
- Toyota is focusing on plugins, with PHEVs and BEVs making up a significant portion of its sales
- GAC is facing challenges with dropping sales in 2024 and is working on new models to regain growth while focusing on exports
Article
In the second part of a closer look at the best-selling automotive groups for plug-in vehicles, Hyundai–Kia, Toyota, GAC, and Mercedes are analyzed. Hyundai Motor Company, based in Seoul, is the full owner of Hyundai and the luxury brand Genesis, with a 34% stake in Kia. Kia is the best-selling brand within the group, followed closely by Hyundai. With a balanced lineup of electric vehicles, including models like the Hyundai Ioniq 5 and Kia EV6, the Korean OEM is expected to continue growing steadily in the EV market.
On the other hand, Toyota, while being the largest Japanese automaker, is considered a middle-of-the-pack OEM when it comes to plug-ins. With brands like Toyota, Lexus, and Daihatsu under its umbrella, Toyota is focusing on a mix of battery electric and plug-in hybrid vehicles. The Chinese market plays a significant role in Toyota’s sales, representing 22% of its plug-in sales this year. The company’s dependence on the Chinese market could pose a risk to its overall output in the future.
GAC Group, a state-owned Chinese OEM, faces challenges in the plug-in market due to slowing sales and lack of successful new models. The Aion brand, representing 80% of the group’s plug-in vehicle sales, is expected to grow in 2025 with the launch of new models. However, competition in the Chinese market is fierce, and GAC will need a strong strategy to regain its growth momentum.
Mercedes-Benz, a renowned automotive brand, has a diverse lineup of electric vehicles, with the top-selling models contributing 40% of its total sales. While the company’s exposure to the Chinese EV market is not significant, its overall sales in China account for a third of its global sales. This sales discrepancy raises concerns for Mercedes, as it could face a significant loss in sales in a PEV-based Chinese market in the future.
Overall, Hyundai–Kia stands out as the OEM best managing the EV transition, with consistent sales performance and low exposure to the Chinese market. On the other hand, Toyota, Mercedes, and GAC face various challenges and opportunities in the plug-in vehicle market. The next few years will be crucial for these OEMs to strengthen their positions and navigate the evolving automotive landscape in a PEV-based global market.
Read the full article here
