South Korean automaker Hyundai led the Indonesian electric vehicle industry with sales of 3,913 units in the first seven months of the year. This remarkable sales figure enabled the company to overthrow the previous market leader, Wuling.
Hyundai’s EV sales as of July
The Korea Herald reported that Hyundai’s EV sales of 3,913 units raised its market share to a whopping 56.5% as of July. It represents a notable growth from just 2,028 EVs it sold in FY 2022.
The brand’s Jan-July market share surged from just 19.6 last year, Yonhap News reported via MSN.
Of that total, the flagship Hyundai Ioniq 5’s sales accounted for the 3,819 units. Notably, the Ioniq 5 was the brand’s first locally produced model at its Indonesian factory, which began volume production in March 2022.
The model’s local production pushed it to exceed the sales of China’s Wuling, which led the Indonesian EV industry in 2022. For reference, Wuling’s EV sales were only 1,944 units, with a market share of 28.1% from January to July.
President Joko Widodo also expressed delight in the South Korean automaker’s decision to establish a local production for the Ioniq 5 during a construction ceremony in March 2022.
“Ioniq 5 will be a staggering milestone in the development of the country’s EV market.”
Indonesian President Joko Widodo
Hyundai is also set to launch its Ioniq 6 SUV in the country. Last month, it debuted the model at the GAIKINDO Indonesia International Auto Show (GIIAS), hinting at its imminent arrival.
Hyundai expands local charging network
Apart from boosting its EV production and sales, Hyundai’s local arm also aims to expand its charging network in the country.
It partnered with Lippo Malls Indonesia, which is among the leading local providers of charging solutions. The Memorandum of Understanding involves deploying charging stations across 53 malls nationwide under Lippo Malls Indonesia’s network, EconoTimes noted.
Moreover, it also collaborated with South Korean battery giant LGES to establish a new local battery cell factory. It would enable the company to secure a reliable battery supply chain to support production at its Indonesian factory.
See Also:
- Tesla to invest “quite big” in an Indonesian battery factory
- Indonesian government imposes price ceilings for EV charging
- Indonesia to launch new set of incentives for electric automakers, organizes a meeting with Tesla and BYD
- Governments of Australia and Indonesia entered into a “win-win” battery partnership, analyst says
- Indonesia cuts EV tax, boosting sales for Hyundai and Wuling
Hyundai continues to solidify its presence in the Indonesian automotive industry. According to The Korea Bizwire, the brand’s overall vehicle sales surged to 20,065 units in the first seven months of 2023 from just 3,005 units in FY 2021.
It is also worth noting that Indonesia’s significant tax reductions for EVs aided Hyundai in increasing its sales this year.
