The strong decrease of Korean brands in China
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The strong decrease of Korean brands in China
- Hyundai-Kia group (Hyundai, Kia and Genesis brands) is currently the only major independent Korean carmaker at present, since the other carmakers are subsidiaries of the GM (GM Korea) and Renault-Nissan (Renault Korea) groups, while Ssangyong (released by the Indian Mahindra) is looking for a new buyer.
- The Hyundai-Kia group was one of the first to invest in the Chinese market in the early 2000s and its sales in this market grew rapidly, thanks to a range of inexpensive mid-range models (such as the Hyundai Elantra or the Kia Cerato) and largely amortised (because distributed in large quantities in South Korea).
- The Korean carmaker's sales thus passed the 100,000 unit mark in China in 2003, 200,000 in 2004, 300,000 in 2005, 400,000 in 2006 to reach one million in 2010 and 1.3 million in 2012.
- At that time, the Hyundai-Kia group represented 8.5% of the Chinese market and even 9% in 2014, which then marked the peak of sales for the Korean carmaker. From 2015, the Hyundai-Kia group began a slow decrease, with a market share that gradually fell from 5.0% in 2018, to 3.5% in 2020, 2.5% in 2021 and 1, 5% in 2022.
- The Korean group is therefore disappearing from the Chinese market, like the French group PSA before the formation of the Stellantisgroup. The Chinese brands that are progressing on the Chinese market have undoubtedly taken a big bite out of Hyundai-Kia's sales, because their services have become very close to those of the Korean carmaker, which may explain this development.
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The global automotive market is down 10.4% over 7 months 2022
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The global automotive market is down 10.4% over 7 months 2022
- The global automotive market (PC+LCV) is down 10.4% over the first 7 months of 2022 compared to the first 7 months of 2021, but up 9.4% compared to the first 7 months of 2020, a year marked by the Covid crisis. Compared to 2019, the gap is still significant, since the automotive market is down 14.9%. In fact, the partial catch-up that took place in 2021 was not renewed in 2022. On the contrary, we risk ending the year below the levels of 2020, which had been the worst year since 2011.
- The growth of the global automotive market that had taken place since 1945 (despite several temporary trend reversals due to the various oil crises and the financial crisis of 2008-2009) was interrupted in 2018 and seems to be compromised for a good while for several reasons:
-The saturation of European mature markets which are also obliged to switch to all-electric motorization by 2035, which makes the acquisition of a new car more difficult due to the high price of these vehicles.
-government policy which intends to reduce the presence of cars in large cities, especially in Europe, encouraging the population to use other means of transport that are less polluting and less fuel-intensive.
-the reduction of resources which may gradually have a negative influence on the production of automobiles, and in particular on the production of electric automobiles.
-Despite this difficult context, the automotive market in emerging countries should continue to grow, due to a still low motorization rate and less restrictive vehicle motorization regulations.
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New cars sold in California in 2035 must be "zero emission"
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New cars sold in California in 2035 must be "zero emission"
- The California State Air Quality Agency has approved a rule that by 2035 only allows sales of zero-emission vehicles. California, which has always been at the forefront in the field of the environment compared to other American states, is therefore in tune with the European Union which has been proposing since last summer a similar regulation for 2035 (Norway is even going to anticipate as early as 2025).
- However, one important difference: unlike in Europe, the regulations in the USA do not concern PHEVs. The text also provides that in 2026, 33% of car sales in California must concern 100% electric vehicles (BEV), plug-in hybrids (PHEV) or fuel cell (FCEV), 66% of car sales in 2030.
- This decision by California, the richest and most populous American state (about 40 million inhabitants), as well as the one that hosted the production site of the electric car carmaker Tesla, could encourage other states to move in this direction. Democratic President Joe Biden is pushing in this direction. In line with its environmental policy, it has in particular promulgated this month a vast investment plan on climate and health which provides for the whole country that 50% of new vehicles sold in 2030 must be BEV vehicles, PHEV or FCEV.
- But unlike Europe, there will be no binding regulations. Each carmaker will be free to sell thermal vehicles or not. This flexibility avoids directly threatening the Big Three (GM, Ford, Chrysler) which are lagging behind in the field of electric vehicles compared to European and Chinese carmakers. President Joe Biden has also announced funding for charging stations in 35 states. In 2021, the share of BEV+PHEV+FCEV in the US market only represented 4.3% compared to 15.6% in China and 19.2% in Europe. For BEVs alone, the share was 3.2% in the USA, compared to 10.4% in Europe and 12.8% in China.
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Inovev forecasts 50,000 units per year of the new Ssangyong Torres SUV
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Inovev forecasts 50,000 units per year of the new Ssangyong Torres SUV
- The Korean carmaker Ssangyong, which is looking for a new buyer after being abandoned by the Indian Mahindra, still believes in its future and is presenting a new D-segment SUV named Torres, a competitor to the Toyota RAV4, Honda CRV or Subaru Ascent. For once, Ssangyong has made great efforts on the exterior design of its new model, which incorporates certain features borrowed from American SUVs, in particular Jeeps, and European SUVs, in particular Land Rovers.
- The new model is part of the range of the Korean carmaker between the Korando (4.45 m) and the Rexton (4.85 m). It should measure around 4.65 m, slightly more than the Toyota RAV4 (4.60 m) or the Honda CRV (4.60 m).
- The engines of the Ssangyong Torres are the 1.5-liter four-cylinder petrol engine developing 163 hp, shared with the Korando model, as well as a 100% electric motor also available on the Korando.
- Despite its current difficulties, Ssangyong is counting on the new Torres model to boost its sales, which fell to less than 100,000 units in 2021, for the first time since 2009. With its new model, the Korean carmaker intends to regain its volumes of the years 2012 -2017, i.e. around 150,000 units per year.
- Inovev forecasts a quantity of 50,000 units per year of the new Ssangyong Torres, which could be closer to the carmaker's objective since its production volume should reach 100,000 units over the whole of 2022, without the contribution of the Torres which should materialize only from 2023.
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The US BEV and PHEV market in 2022
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The US BEV and PHEV market in 2022
- The market for plug-in vehicles (BEV+PHEV) increased by 67% in the first half of 2022 compared to the first half of 2021. While 282,118 BEVs and PHEVs had been sold in the United States by the end of June 2021, this figure increased to 471,907 vehicles at the end of June 2022.
- The top three spots are all taken by Tesla with the Y (135,055 sales), 3 (105,000 sales) and S (18,000 sales) models. Ford's Mustang Mach E (17,675 sales) is also doing well, up 36% from 2021. The Jeep Wrangler (16,857 sales) and Hyundai Ioniq 5 (13,692 sales) got off to a good start. If these models were not yet on the market in 2019, they occupy the 5th and 6th places of BEV/PHEV sales in the United States. At the end of June, the Wrangler is also the most popular PHEV in the United States.
- By groups, Tesla is the most successful in this market with 269,755 sales in the first half of 2022, around 84% more than the same period in 2021. As with models, Ford is its pursuer, but by far (22,979 sales). Despite losing the most sales (-12,985), Chevrolet is still in twelfth place in the US BEV/PHEV market with 7,303 sales. It is clear that Tesla continues to dominate the plug-in vehicle market in the United States, far ahead of its competitors.
- The US market is still far from the European one (even if the European BEV+PHEV market only grew by 9% compared to the half of 2021). But the European (1,122,542 units) and American (471,907 units) markets are also far from the Chinese market, which grew by 110% compared to the 2019 period to reach 2,450,503 vehicles.
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