Hyundai Motor leads Indonesia’s EV market

South Korea's Hyundai Motor Co. said Tuesday it overtook China's Wuling Motors Holdings Ltd. to claim the biggest market share in Indonesia's electric vehicle (EV) market in the first seven months of the year.

Hyundai Motor sold 3,913 EVs in Indonesia between January and July, already exceeding the 2,028 EVs it sold in the Southeast Asian country for all of 2022, the company said in a statement.

Its market share in the Indonesian EV market jumped to 56.5 percent in the January-July period, far higher than 19.6 percent last year, helped by robust sales of the Ioniq 5, it said.

The maker of the Sonata sedan and the Santa Fe SUV 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 introduced the Ioniq 6 sedan, Hyundai's second dedicated EV model, at the Gaikindo Indonesia International Auto Show (GIIAS).

The Ioniq 6 is currently being built in Korea for shipment to the Southeast Asian country.

Hyundai aims to gain a bigger share in the Indonesian EV market as its parent Hyundai Motor Group and South Korea's leading battery maker, LG Energy Solution, are building a battery cell plant there for a stable supply of the core EV part to the Hyundai plant.

The joint plant is expected to begin operations next year.

In Indonesia, long dominated by Japanese carmakers and with the world's fourth-biggest population of 670 million, Hyundai has focused on boosting sales with localized models, such as the Stargazer multipurpose vehicle and the Creta subcompact car.

Hyundai's vehicle sales, including EVs, continued to rise from 3,005 units in 2021, ranking as the 13th-biggest carmaker, to 31,965 units in 2022, becoming the eighth player, and already 20,065 units as the sixth player in the January-July 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.

Source: Yonhap News Agency

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