Hyundai Motor Company is gearing up to counter the domestic expansion of Tesla and Chinese electric vehicles (EVs) by enhancing its financial products and service competitiveness.
During a conference call on October 29, Hyundai acknowledged that "it is true that Chinese EVs and Tesla are rapidly increasing their market share in the domestic market," adding, "We believe that frequently adjusting prices could undermine the value of used cars and our commitments to customers, so we are responding by enhancing our financial competitiveness."
Hyundai highlighted its financial products linked to Hyundai Capital as a key competitive advantage. A company representative stated, "Many Chinese manufacturers do not have their own financing companies, but we operate residual value deferred installment plans through Hyundai Capital, allowing us to lower monthly payments to levels that are difficult for Chinese companies to match, thereby defending our market position."
The company also emphasized its superior EV service network. "While we have over 1,000 domestic EV service centers, Tesla has only about 17," Hyundai noted, adding, "The cumulative number of registered vehicles per service center is approximately 290 for Hyundai and over 12,000 for Tesla."
Hyundai further explained, "The average time from accident reporting to repair completion is about five days, and we are working to reduce this further. In contrast, Tesla is reported to take over a week, sometimes nearly two weeks." The company also mentioned that about 92% of parts are supplied within an hour, with 99% delivered within a day, while Tesla may take one to two weeks for parts supply, which they are actively communicating to customers.
* This article has been translated by AI.
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