“By 2016, Hyundai Motor will launch the Avante electric car and a hybrid model. Kia Motors will also unveil a K3 electric car by almost the same time. “To become one of top-3 global brands, Korean automotive industry needs to step up its efforts to boost the domestic demand for the environmentally-friendly vehicles – as well as expand R&D activities for that matter.”
“Even though prices of electric vehicles (EV) are on a downward trend while government subsidies are rising, there are still limited supports concerning electric car infrastructure.”
Lee Hang-gu, research fellow with the Korea Institute for Industrial Economics & Trade
A meeting of the International Organization of Motor Vehicle Manufacturers (OICA) held in Seoul has become the battleground among the world’s auto makers on how to develop environmentally friendly cars.
The representatives of car makers from Europe, Japan, and Korea vied to present their own visions of eco-friendly cars and how to expand the market, signaling fierce competition ahead.
In a morning session on October 23, representatives from across the world focused their presentations on ways to deal with the gale force of change right in front of their doorstep.
The Avante electric car model, the first mass-produced EV by Hyundai, will compete head-on with Renault Samsung’s SM3 ZE. If Kia comes up with the K3 EV model, Korea’s auto market will see tripartite competition among three car makers over the EV sedan market segment within two years.