Written By Have you ever heard of a phoenix rising from the ashes? Well, that’s exactly what happened to one Korean carmaker who was on the brink of collapse just a few years ago. In a remarkable comeback story, this company has managed to not only stay afloat but also launch an affordable electric SUV that is taking the market by storm. Join us as we delve into their journey and find out how they managed to turn things around against all odds.
How Did Korean Carmakers Survive the Global Economic Crisis?
Korean automakers have come a long way since the global economic crisis hit in 2008. The industry was nearly-extinct at that point, with only three companies left – Hyundai, Kia and SsangYong – but they all managed to rebound and become some of the most successful businesses in the world. Here’s how they did it:
1. They focused on affordable vehicles
The Korean automakers were early adopters of affordable electric vehicles, and this was a key part of their strategy during the crisis. They knew that there would be a large segment of the market who would be interested in purchasing an affordable electric car, and they were able to capitalize on that by making them available at a fraction of the cost of their traditional counterparts. This not only helped them maintain customer loyalty during difficult times, but it also gave them an edge over their rivals who weren’t as savvy about what was happening in the market.
2. They made aggressive moves into new markets
During the crisis years, many traditional automakers were forced to shutter their operations overseas due to tough competition from foreign manufacturers. However, Korean automakers didn’t suffer from this same fate – in fact, they took advantage of it by aggressively moving into new markets, where they had an advantage because of their familiarity with local customs and language. This allowed them to quickly gain ground and reestablish themselves as leading players in their respective industries.
3. They developed innovative technologies
One key factor that helped
Korean Carmakers Enter the Affordable Electric SUV Market
Korean automakers are coming back with an affordable electric SUV market.
Hyundai Motor Co., the country’s largest carmaker, is launching a new subcompact electric SUV this month. The company says that it will be the “most affordable and accessible electric SUV in the market.”
The company plans to sell the SUV for under 100,000 won (US$85), making it one of the most affordable options on the market. Hyundai is also planning to launch a larger electric SUV by 2020.
This comes as competition heats up in the affordable electric SUV market. Panasonic Corp., Renault Group, and Nissan Motor Co. have already launched models in this category.
As Korean automakers invest more into these vehicles, they hope to capture a growing share of the global market for electric SUVs.
The Future of Korean Carmakers
The Korean car industry is on the upswing. In the past few years, Hyundai, Kia, and other major Korean automakers have launched a number of new models that are affordable and sport impressive specs. These automakers are all competing against each other to provide customers with the best products and services.
However, one of the Korean carmakers’ biggest challenges is continuing to keep prices low while still providing high-end features. This has been especially difficult as regulations in Europe and the United States continue to tighten their grip on vehicle emissions and safety standards.
Korean automakers have responded by developing more environmentally friendly vehicles. Hyundai has recently released its first electric SUV, the Ioniq Electric, which is available in both standard and fully loaded versions. The SUV offers impressive fuel economy for its class, at 36 mpg in the city and 43 mpg on the highway. It also has impressive safety features, including autonomous emergency braking and blind spot monitoring.
Hyundai’s efforts show that Korean carmakers are not afraid of changing with the times. They are constantly looking for ways to improve their products so that they can keep up with the competition.
Conclusion
In the early 2000s, Korean carmakers were on the brink of extinction. But through hard work and innovation, they’ve rebounded and now offer some of the best quality vehicles in the world. In this article, we tell the story of one particular Korean carmaker – Kia – which is making a comeback with an affordable electric SUV. If you’re interested in learning more about Korean automakers and their innovative strategies, be sure to read on!
