Deliveries of the Kia EV3 began in July The major blaze that occurred in an apartment complex in the city of Incheon in August, which started in a parked Mercedes-Benz EQE battery electric vehicle (BEV), highlighted the multiple challenges facing South Korea’s battery electric vehicle (BEV) industry. The fire, which destroyed over 100 adjoining vehicles and injured some 23 people, further dampened the already weak consumer sentiment in this segment of the market. BEV battery safety has become a major concern among new vehicle buyers in major markets around the world, not only in South Korea, along with high costs relative to equivalent internal combustion engine (ICE) vehicles, uncertainty over battery technologies, recharging and rapid depreciation. Rapidly advancing technologies means that better performing models are continually coming onto the market – further undermining the value of existing models. Go deeper with GlobalData Venture Capital Tick here to opt out of curated industry news, reports, and event updates from Just Auto. Submit and download Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. HMG performed more strongly in the US BEV market this year, where first-half sales rose by 61% to 61,840 units according to industry data. Sales of Hyundai and Genesis models surged by 52% to 32,590 units while Kia’s BEV sales more than doubled to 29,250 units – to claim a 10% share of the US BEV market combined. The group is scheduled to begin deliveries of EVs from its newly-built assembly plant in Savannah in the US state of Georgia in the fourth quarter of this year, which is expected to further strengthen its position in the local BEV market. In Europe Hyundai Motor sold almost 28,000 passenger BEVs in the first half of 2020, while Kia is estimated to have sold around 30,000 units. HMG expects a sharp rebound in domestic BEV sales starting in the second half of 2024 HMG expects a sharp rebound in domestic BEV sales starting in the second half of 2024, driven by the launch of more affordable models such as the Hyundai Casper/Inster A-segment BEV and Ioniq 3, as well as the Ioniq 7. Kia began deliveries of its EV3 compact SUV in July and plans to launch the EV4 later this year, while it continues the global roll-out of its Chinese made-EV5. HMG’s new model activity will continue to intensify in the second half of the decade, including the launch of extended range EVs (EREVs), while lower-cost batteries including low-nickel batteries such as lithium iron phosphate (LFP) and all solid state batteries (ASSBs) will also be more widely used. The group is still targeting annual sales of around 3.6 million BEVs globally by 2030, equivalent to more than one-third of its total forecast annual sales of 10 million units, which would require a major leap from current levels. Sign up for our daily news round-up! Give your business an edge with our leading industry insights.