Hyundai Motor Group Chairman Euisun Chung recently visited the Hyundai Motor Manufacturing Czech Plant (HMMC) in Nosovice to assess the company’s European business landscape and strategize for future growth. Europe, the second-largest electric vehicle (EV) market after China, is facing challenges due to economic slowdowns in major countries like Germany and the UK, along with shifts in automakers’ electrification efforts.
Data from the European Automobile Industry Association (ACEA) indicates that demand in the European auto industry reached 7,906,916 units by July, reflecting a modest increase of just 3.9% compared to the previous year. The EV sector has seen even slower growth, with a mere 0.6% rise in demand for electric vehicles during the same period, compared to a substantial 28.2% increase in 2023.
Chung’s visit aimed to address key issues at Hyundai’s only EV production site in Europe while exploring new avenues for growth. He praised the dedication of employees and emphasized the plant’s critical role in Hyundai’s vision for sustainable mobility.
“We are committed to investing in quality and safety,” Chung stated, highlighting the need for excellence in service and workforce to maintain productivity. He acknowledged the recent challenges in the EV market and urged for continuous innovation and sustainable growth.
Adapting to the European Market
Hyundai Motor Group is positioning itself to adapt swiftly to changes in the European automotive landscape, aiming for breakthroughs in the eco-friendly vehicle sector. The company is focusing on a flexible production strategy tailored to the market, encompassing a range of internal combustion engines, hybrids, and EVs.
To bridge the sales gap created by the declining demand for electric vehicles, Hyundai is promoting competitive hybrid models like the Tucson Hybrid, which enjoys popularity among European consumers. Additionally, the company is prioritizing the second-generation Kona Electric and the Ioniq 5, alongside the upcoming Casper Electric, expected to bolster Hyundai’s EV presence in Europe.
Kia is also enhancing its EV lineup, introducing the updated EV6 and more economical trims for the EV9, as well as the new EV3 model aimed at popularizing electric vehicles in the European market. Hyundai plans to introduce special editions of its hybrid and plug-in hybrid models to address changing consumer preferences. The company intends to gradually expand local EV production in line with market recovery forecasts, while Kia aims to establish a local EV manufacturing system in Slovakia by late 2025.
Hyundai Motor Europe Technical Center GmbH (HMETC) is expanding its infrastructure to strengthen competitiveness, focusing on the development of premium models and enhancing R&D capabilities to support the company’s entry into the European light commercial vehicle (LCV) market with its Platform Beyond Vehicles (PBVs).
