Hyundai Motor Company Says Price Competitiveness Is Top Priority for Ioniq 3, to Counter Chinese EV Offensive [Conference Call]

[Financial News] Hyundai Motor Company said on the 23rd that it will place the highest priority on price competitiveness for the Ioniq 3, which is set to be introduced to the European market in the second half of this year.
Lee Seung-jo, head of the Planning and Finance Division at Hyundai Motor Company and vice president, explained the strategy during the second-quarter earnings conference call held that day, saying, "We plan to sell more than 20,000 Ioniq 3 units in the second half of the year."
The company cited the push by Chinese EVs as the reason behind its pricing strategy. Hyundai Motor Company said the rapid expansion of Chinese EV makers in the European market has also affected overall industry demand growth.
It also pointed to the lack of a B-segment EV lineup capable of competing with these Chinese vehicles as a problem. Hyundai Motor Company's sales in the European market in the second quarter fell 10.9% from a year earlier.
[email protected] Kim Dong-chan Reporter