The Hyundai brand slips to sixth place in 2021 in the first half of the global EV market

Hyundai Motors increased its electric vehicle (EV) sales in the first half of the year compared with the same period last year, but its global market share fell due to competition with Chinese rivals, industry data showed on Monday. Global EV sales by Hyundai Motor slipped one notch to sixth place in the January-June quarter from fifth one year ago, data from industry tracker SNE Research suggests.

The automaker sold 51,300 EVs in the first half of this year, a 75.6 percent increase over the same period last year, but its share of the market dropped to 2.9 percent from 4.5 percent. SAIC-GM-Wuling Automobile, a joint venture between SAIC Motor, General Motors, and Liuzhou Wuling Motor, as well as BYD and Volkswagen and Great Wall Motors Company were the global top three electric vehicle manufacturers in the first half of 2016. Chinese automakers dominated the top five, as well as a joint venture using Chinese companies, Yonhap reports.

In support of its Kona EV, Ioniq 5 all-electric vehicle, and Porter electric trucks, Hyundai Motor boosted its EV sales this year, but its performance lagged Chinese automakers which expanded rapidly thanks to some strong domestic demand. Several established automakers and emerging Chinese rivals are competing aggressively for market share in the growing EV market, according to SNE Research.