Koreans don’t go the Tesla way

With its price cuts, Tesla has put a lot of pressure on other electric car manufacturers. While some brands have also slashed prices, others are fighting back. Hyundai’s European boss makes it clear that there can only be one side for the Koreans.

Cancellation by Hyundai: Tesla is not a role model when it comes to prices

The business of the e-car industry has changed completely in recent months. The main culprit is – once again – Tesla. The e-car pioneer has massively reduced the prices for its electric vehicles, practically all over the world. The other brands and Manufacturers must take a stand one way or another.

With the new Ioniq 6, Hyundai has one real competitors for Tesla brought on the market. The first thoroughbred Ioniq 5 was already much more than a respectable success for the South Koreans. However, those interested in the two successful models should get in touch don’t expect falling prices.

As Hyundai’s European boss Michael Cole makes clear, the Korean manufacturer wants to set its own prices instead of being driven by others. “We don’t do what I would call a knee-jerk reaction to what the competition is doing.” He continued, “We know that Tesla’s pricing will draw some consumers to Tesla who weren’t before – so it’s definitely a must-see” (Source: Reuters via Automotive News Europe).

Hyundai’s new electric flagship Ioniq 6 impresses with efficiency:

That sounds like a yes and no rolled into one. But Cole goes on to clarify: “We have to trust our pricing strategy.” So it’s about Hyundai’s asking price, not what Tesla is doing. In plain language it is one thing Cancellation of timely price reductions with the popular e-cars from Hyundai.

E-cars cheaper? Signs are bad – even for Kia fans

Previously, VW boss Oliver Blume had also spoken out against price cuts. It is not clear whether Hyundai’s plan also applies to the perhaps even more popular e-cars of the subsidiary Kia. Better not to count on that.

Either way, the manufacturers’ plans are snapshots. Should Tesla, for example, achieve significant success with its cheap strategy in the long term or cut prices even further, the situation may change.

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