Foreign carmakers struggle to compete in China's EV market
International automakers are racing to regain market share in China's rapidly evolving electric vehicle (EV) sector. At the Auto China show in Beijing, Hyundai launched its Ioniq brand, committing an additional 8 billion yuan (US$1.17 billion) to its joint venture with BAIC Group. The Korean manufacturer is among several foreign marques introducing tailored models and accelerating R&D to match the speed and sophistication of domestic rivals. The Beijing show has become the world's largest car exhibition, underscoring China's dominance in the EV revolution.
Key facts
- Hyundai launched Ioniq brand in mainland China at Auto China show on April 24
- Hyundai committed 8 billion yuan (US$1.17 billion) to joint venture with BAIC Group
- Auto China show in Beijing is now the world's largest car exhibition
- Foreign marques are introducing tailored models and accelerating R&D to compete with domestic EV makers
- Hyundai is the world's third-largest carmaker by deliveries
Entities
Institutions
- Hyundai
- Ioniq
- BAIC Group
- Beijing Hyundai
- Auto China
- Getty Images
Locations
- China
- Beijing
- mainland China