Hyundai Motor Group is making its efforts to not only gain share, but to lead, in the rapidly growing EV market.
Hyundai's latest announcement is the launching of IONIQ as a standalone brand to exclusively make electric cars.
The creation of this new brand lineup is in response to the fast-growing EV market demand.
According to Bloomberg New Energy Finance, a global energy research firm, the global EV market will take off in the coming years, with electric cars forecast to account for 58-percent of all vehicles newly sold in 2040.
The electric vehicle market, how big is it and what are the prospects of the EVs in South Korea and around the world?
It's the topic of our News In-Depth. Joining us live in the studio to give us some perspective - James Rooney, Vice Chair of the Seoul Financial Forum to my left and to my right, Yang Jun-sok, Professor of Economics at the Catholic University of Korea.
Welcome, gentlemen, to the show.
In the January-May period, Hyundai sold 26,5-hundred EVs, including its plug-in hybrid models, raising its ranking to sixth in EV sales, up from ninth a year earlier.
Hyundai is already known to use different powertrains: hybrid (HEV), plug-in hybrid (PHEV), and all-electric (BEV).
It seems the newly launched line will be dedicated to becoming a battery electric vehicle brand.
How is the existing Ioniq models different from the new IONIQ EV brand lineup?
Hyundai said the three IONIQ EV models, once launched, will only take 20 minutes to be fully charged and can run 450 kilometers on a single charge.
First of all, how big is the EV market now and what does this mean for the future of the EV market?
Is there a difference in how electric batteries support SUVs versus sedans?
What does this mean for charging stations of these cars, and the future of gas stations?
With the demand and market for EVs growing, do we foresee widespread charging stations at home?
Cost-cutting and survival measures driven by Covid-19 are likely to lead to more M&As in the global motor industry and encourage it to focus less on expensive new technologies in the short-term and more on operational efficiencies.
A KPMG report says the pandemic is likely to delay parts of the industry's long-term transformation. For example, it says lower oil prices have reduced ownership costs of cars powered by traditional petrol and diesel engines and slowed demand for EVs. What are your thoughts?
Even in pandemic-ridden 2020, Hyundai Motor shares rose as much as 17-percent on Monday to the highest level in more than a year.
This rise came on news of its launching of IONIQ as a standalone brand to become a global EV leader.
How do you see Hyundai Motors or EVs impacting the overall Korean economy in the next five years or so as we (hopefully) move on to a post-COVID economic recovery stage?
The KOSPI market crashed in March due to the fallout from the COVID-19 pandemic.
But increases in the money supply amid the coronavirus outbreak and the record-low central bank interest rate have driven individual investors into the stock market, which has led to KOSPI's highest level in 22 months since October 2018, gaining over 60 percent, the fastest recovery among global markets amid the pandemic.
Is this good news, and a good sign, for economic recovery in South Korea?
Yang Jun-sok, Professor of Economics at the Catholic University of Korea and James Rooney of Seoul Financial Forum, many thanks as always for your insights. We appreciate it.