South Korea’s Hyundai Motor Co is said to be returning to Japan after 12 years, as demand for electric vehicles is growing rapidly. The Japanese EV (electric vehicle) market is dominated by Toyota Motor.
Hyundai said it will sell its Ioniq 5 midsize crossover electric vehicle (EV) and its Nexo SUV hydrogen fuel cell electric vehicle (EV), which is at the core of the organization’s attempt to secure 10% of worldwide EV sales by 2025.
“We haven’t yet set a target for sales, but we will try to provide more information once we begin taking orders online in May,” Shigeaki Kato, the head of Hyundai Mobility Japan, said at a launch event in Tokyo.
South Korea’s auto market, which is dominated by Hyundai alongside associate Kia Corp. Hyundai Motor Co made its first attempt to catch a piece of the Japanese market back in 2001, yet left after selling just 15000 cars. Around 40% Japanese Market is dominated by Toyota Motor.
Rising demand for EVs may mean another opportunity for legacy manufacturers such as Hyundai. According to JAIA (Japan Automobile Importers Association), something like 20,000 EVs was sold in Japan last year, but the section grew by almost a half from a year earlier.