China, one of the world’s most significant automotive markets, saw its electric vehicle sector capture a 30.2 percent market share in 2024, marking a 38.8 percent year-on-year increase. Overall, vehicle sales — including wholesales and imports — rose 3.8 percent to 23.26 million units during the same period.
Hyundai’s luxury brand, Genesis, is leading the South Korean automaker’s renewed push into China, with plans to introduce locally produced electric vehicles within the next three to five years. The vehicles will be designed to cater specifically to the preferences of Chinese consumers, a move industry analysts view as crucial for Hyundai’s long-term success in the region.
The development process will involve close collaboration between Hyundai’s research teams in South Korea and China, while production is expected to take place at one of Hyundai’s existing manufacturing facilities in China, according to industry sources.
Beijing Hyundai Motor Company, Hyundai’s joint venture in China, has already demonstrated positive momentum.
In January, the company posted an 18.2 percent increase in year-on-year sales, delivering 16,810 vehicles as it seeks to solidify its position in China.
"While local manufacturers continue to dominate, China remains an essential market that global automakers cannot afford to overlook," said a Hyundai Motor official.
Toyota, meanwhile, has taken a similar approach, introducing its most affordable electric vehicle to date — the Bozhi 3X compact SUV — through its joint venture with Guangzhou Automobile Group. The model, which starts at approximately $14,400, received more than 10,000 orders within an hour of its launch, underscoring the strong demand for cost-effective electric vehicles in China.
The Japanese automaker has also committed to producing at least 2.5 million vehicles annually in China by 2030. As part of its expansion strategy, Toyota plans to establish a new subsidiary in Shanghai dedicated to the development and production of electric vehicles and batteries for its luxury Lexus brand.
With both Hyundai and Toyota deepening their investments in China, industry observers say the moves reflect a broader shift among global automakers, who increasingly view the Chinese market as a critical pillar of their long-term growth strategies.
Copyright ⓒ Aju Press All rights reserved.