Hyundai Motor Group has said it aims to increase sales in China by 23% to 817,000 vehicles in 2021 from 664,744 units in 2020, as the market continues to lead the global recovery from the COVID-19 pandemic.
An analyst has told just-auto that Hyundai’s electrification vision for China is also expected to support the company’s growth in the country – and hydrogen is a signfiicant element of that.
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“With establishment of its first overseas hydrogen fuel cell plant in China, the company aims to produce 6,500 fuel cell systems per year, supporting government’s target of 1 million hydrogen fuel cell vehicles by 2035,” said Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData.
“China is a key market for Hyundai both from manufacturing and sales standpoint and the company is going with the right mix of strategies. Right positioned products, similar to other markets such as India, are expected to play a key role in the success of the company in China,” he said.
Bakar maintains that Hyundai-Kia has been going through a bumpy ride in China with both sister companies Hyundai and Kia witnessing decline in sales since 2017.
“Hyundai’s sales target for 2021 and other latest developments indicate that the company is committed to strengthen its foothold in the world’s largest car market,” he says.
“Hyundai has made major operational and strategic changes such as new model launches with mix of IC engine and electric vehicles and, enhancing local production, marketing, and distribution to reclaim its market position in China,” Bakar points out.
See also: Hyundai-Kia target 23% growth in China in 2021
