2027 Ioniq 9. Photo courtesy of Hyundai Motor
Sales of large electric sport utility vehicles (SUVs) from Hyundai Motor (005380.KS) and Kia (000270.KS) doubled in the first half of the year. As demand rises for large electric SUVs offering ample space and long driving range, Hyundai Motor Group is also putting effort into expanding sales with an eye on profitability. Genesis’s large electric SUV, the GV90, is expected to be unveiled next month and to enter full-scale sales starting in September.
According to the automotive industry on the 14th, Hyundai’s Ioniq 9 sold 7,329 units in the domestic market in the first half of this year. That is more than double the figure from the first half of last year (3,608 units). Kia’s EV9 also found 1,552 new owners through June this year, a 102.1% increase in sales compared with the same period last year. The EV9 sold 1,594 units for all of last year, and it has recorded a similar sales figure in just half a year this year.
In Korea’s electric vehicle market, sales have grown centered on low-priced “value-for-money models,” with Chinese brand BYD selling 11,675 units in the first half to rank fourth in sales among 26 imported car brands.
However, preference for large electric SUVs, which are somewhat higher in price, is also spreading on the back of their excellent space utilization and practicality. Technological advances are also driving expanded demand for large electric SUVs. Because of early battery capacity limitations, large SUVs could not secure sufficient driving range, but recently batteries with large capacities of around 100 kilowatt-hours (kWh) have been installed, resolving this drawback. The battery capacities of the Ioniq 9 and EV9 are 110.3 kWh and 99.8 kWh respectively, far larger than the mid-size SUV Ioniq 5 (63 kWh).
The 800V ultra-fast charging system is another factor raising the preference for large electric SUVs. It can significantly reduce charging time during long-distance travel, with the EV9 able to charge from 10% to 80% of battery capacity in just 24 minutes.
Hyundai Motor Group’s acceleration in expanding its “vehicle-to-grid (V2G)” system, extending the scope of power use through electric vehicles, is also expected to further stimulate demand for large electric SUVs in the future. V2G is a next-generation energy technology that connects electric vehicle batteries with the power grid to send and receive power in both directions, using vehicles as distributed energy storage systems (ESS). Large electric SUVs are bound to have high competitiveness in V2G services.
Hyundai Motor Group plans to unveil the GV90, Genesis’s top-tier electric SUV, next month and begin full-scale sales starting in September. The GV90’s expected price is projected to range from 130 million won to nearly 200 million won, but with considerable pent-up demand among domestic consumers, it is expected to serve as a breakthrough amid the recent slump in domestic sales.
Another point of interest is that Hyundai Motor Group will produce the Genesis GV90 at its dedicated electric vehicle plant in Ulsan, which is scheduled for completion in September. The Ulsan dedicated electric vehicle plant is a large-scale vehicle production base that Hyundai Motor is newly building domestically for the first time in 30 years. The GV90 is known to apply Hyundai Motor Group’s second-generation dedicated electric vehicle platform, eM, for the first time, significantly strengthening its driving performance and software competitiveness.
An official in the automotive industry analyzed, “There is confidence that large electric SUVs can secure sufficient demand in the domestic market even if launched at prices exceeding 100 million won.” The official added, “With flagship electric vehicle launches from foreign makers such as Volvo, in addition to Genesis, also scheduled, there is a possibility that the price appeal of the Ioniq 9 and EV9 will be highlighted and their sales will expand.”