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| Joko Widodo, left in the first row, president of Indonesia, signs Hyundai Motor's IONIQ 5 electric car, applauded by Chung Euisun, second from left in the first row, chairman of Hyundai Motor Group, during the inauguration of Hyundai Motor's plant in Indonesia, March 2022. Courtesy of Hyundai Motor Group |
By Baek Byung-yeul
Hyundai Motor has come in at the top of the electric vehicle (EV) market in Indonesia thanks to the growing popularity of its IONIQ 5, the carmaker said Tuesday.
The company said it sold 3,913 EVs in Indonesia from January to July, taking a 56.5 percent market share.
The figure is more than double the 28.1 percent share of Chinese EV maker Wuling, which sold 1,944 EVs during the same period. Wuling was the local market leader last year
Indonesia is the world's fourth most populous country with a population of 277 million, and is considered to have great market potential. The country is also expected to serve as a production base for the Southeast Asian market. Under Hyundai Motor's strategy, IONIQ 5 became the first EV model to be produced locally by an automaker in Indonesia.
Hyundai Motor plans to further accelerate the transition to electrification in Indonesia, which has abundant resources such as nickel, a key material for EV batteries.
"In particular, once the joint battery cell plant, which is being built by Hyundai Motor Group and LG Energy Solution in Indonesia begins manufacturing next year, Hyundai Motor will be able to further target the local EV market based on a stable supply chain," a company spokesman said.
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| Hyundai Motor's electric vehicle, IONIQ 5, is produced at the company's plant in Indonesia. Hyundai Motor said Tuesday that it sold 3,913 EVs in Indonesia through July this year to rank first in the country's EV market. Courtesy of Hyundai Motor Group |
Not only is Hyundai Motor leading the Indonesian EV market, but it is also changing the landscape of the local automotive market, which has long been dominated by Japanese automakers.
Hyundai Motor has consistently improved its share in the country, from 13th in 2021 to sixth this year through July. During this period, sales increased more than tenfold from 3,005 in 2021 to 31,965 in 2022, when local production began. This year, the company sold 20,065 vehicles in H1.
Still, there is a wide gap between market leader Toyota with 32.5 percent and Hyundai Motor with 3.4 percent, the company said it is steadily improving its share in Indonesia where Japanese automakers have been doing business for more than 50 years.
Hyundai Motor added that it signed a memorandum of understanding with Lippo Malls Indonesia, the largest retailer in the country, on Friday to expand its EV charging stations. Through the collaboration, the two sides plan to install EV charging stations at 52 malls operated by Lippo Malls Indonesia.
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