Globally, Hyundai is already successfully marketing its Ioniq 5 electric model and will soon launch the Ioniq 6. However, the production of these units is still limited and the brand is distributing them among the most important markets, in terms of volume and profitability. such as the United States, China, South Korea, and Europe.
The South Korean manufacturer has earmarked $5.5 billion to build a plant to produce electric vehicles and batteries in Georgia, United States, starting in 2025 to meet North American demand. Recently, sources familiar with the matter in the United States said that the automaker was seeking to advance the start of operations of its new electric power plant in order to comply with the new regional content rules required in the Inflation Reduction Act of 2022 and obtain tax incentives in that market.
“We are already doing the study of the business case starting today, because it has to be profitable, so that when the plant has the additional production ready, we already have everything ready to launch,” Juan Carlos Ortega, director of Hyundai Marketing, explained in an interview. in Mexico.
“It is necessary to triple the charging infrastructure”
Among the pending challenges to be able to launch the technology in Mexico is the limited recharging infrastructure. “I think there is work pending to continue developing the charging infrastructure,” Carranza said. “I must admit that we are a little out of step with what is happening in the state of the world,” he added.
Hyundai estimates that there are about 1,000 charging points of all brands, a very limited number for a country with a fleet of 53 million vehicles. “Until there is a more robust infrastructure, I believe that customers will not feel safe. We calculate that this number has to be at least tripled for it to be viable to bring an electric model,” said Ortega.
For now, Hyundai will maintain a strategy of hybridization of its fame in the Mexican market, which, according to Ortega, is the type of technology most accepted by consumers. “They represent 85% of sales of ‘green’ models,” he says. “Clearly what Mexican customers today want are hybrid vehicles.”
After pre-selling 250 hybrid Elantra and Tucson units – which gave the brand an idea of the market’s appetite for these two models – Hyundai is looking to capture a 2% share of the hybrid market.
Vehicle manufacturers sold 19,000 such models in the first half of the year, according to AMIA figures. Today this market is dominated by the Japanese manufacturer Toyota, which with six models generates 85% of the sales of this segment in the country.
Elantra and Tucson hybrids: engine, price and features
Hyundai Tucson 2023
Engine: traditional hybrid
Gasoline engine: 1.6 L turbo / 177 HP / 195 lb-ft
Electric motor: 59 HP / 195 HP
Battery: lithium-ion polymers / 1.32 kWh
Transmission: six-speed DCT
Combined performance: 21.7 kilometers per liter
Price: 771,800 pesos
Manufacturing plant: Czech Republic
Hyundai Elantra 2023
Engine: traditional hybrid
Gasoline engine: 1.6 L / 104 HP / 108 lb-ft
Electric motor: 43.5 HP / 125 lb-ft
Battery: lithium-ion polymers / 1.32 kWh
Transmission: six-speed DCT
Combined performance: 28.7 kilometers per liter
Price: 596,500 pesos
Manufacturing Plant: South Korea