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South Korean automaker Hyundai Motor Co. asserted on Tuesday that it has taken the lead in Indonesia’s electric vehicle (EV) market, surpassing Chinese carmaker Wuling Motors Holdings Ltd. with a 56.5 percent market share in the first seven months of the year.
The company sold 3,913 EVs in the Southeast Asian country between January and July, which is higher than the total EVs it sold in 2022. This growth was attributed to the success of the Ioniq 5 model.
Hyundai Motor produces the all-electric Ioniq 5 and other customized combustion engine models at its Indonesian plant for local sales and exports. Last month, it also unveiled the Ioniq 6 sedan, its second dedicated EV model, at the Gaikindo Indonesia International Auto Show (GIIAS). The Ioniq 6 is currently being built in Korea for shipment to Indonesia.
In addition, Hyundai Motor Group and South Korea’s leading battery maker, LG Energy Solution, are constructing a battery cell plant in Indonesia to ensure the steady supply of the core EV part to the Hyundai plant. The joint plant is expected to begin operations next year.
Hyundai has been focusing on increasing sales in Indonesia with localized models, such as the Stargazer multipurpose vehicle and the Creta subcompact car. In 2021, it sold 3,005 units to rank as the 13th-biggest carmaker, while in 2022, it sold 31,965 units to become the eighth player. In the January-July period, the automaker has already sold 20,065 units to rank sixth.
Its exports mainly to emerging markets, including the Association of Southeast Asian Nations (ASEAN) and the Middle East, surged 70 percent on-year to 30,114 units in the seven-month period.
Hyundai has seven domestic plants in Korea and 11 overseas plants — four in China and one each in the United States, the Czech Republic, Turkey, Russia, India, Brazil and Indonesia. Their combined capacity reaches 5.65 million vehicles.
This undated file photo provided by Hyundai Motor shows Ioniq 5 models produced at the carmaker's plant in Indonesia. (PHOTO NOT FOR SALE) (Yonhap)
kyongae.choi@yna.co.kr
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