Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Renault, GM, KG set to deepen competition for Korean EV market
Visitors look at a Renault R5 electric car at the Paris Motor Show at the Paris Expo Porte de Versailles, Tuesday (local time). AFP-Yonhap
By Lee Min-hyung
Renault, General Motors (GM) and KG Mobility are gearing up to expand their electric vehicle (EV) market share here with planned launches of their new EV lineups next year.
Renault Group reaffirmed its commitment to successfully launching its Scenic E-Tech compact crossover SUV in Korea next year, as Fabrice Cambolive, head of Renault Brand, told reporters during the ongoing 2024 Paris Motor Show that the carmaker can learn a lot by competing against strong rivals here.
The local subsidiary of the French automaker had previously received a lukewarm reception upon the introduction of their new vehicles, but renewed its drive to expand its footing with the much-awaited launch of its Grand Koleos premium SUV in June.
With the vehicle receiving favorable responses from local customers, Renault Korea is pushing to keep the momentum with the launch of the Scenic EV next year.
Scenic E-Tech can travel up to 625 kilometers on a single charge. Backed by its impressive range, the carmaker aims to expand its presence in the highly competitive Korean EV market.
GM Korea is also widely expected to intensify the local EV competition with the potential launch of its 2025 Chevrolet Equinox EV. While the exact launch date remains unclear, the vehicle also has a competitive edge, with its driving range of up to 483 kilometers on a single charge.
A basic model of the vehicle, produced in its factory in North America, sells for around $35,000 (47.91 million won) there. If the strategic EV maintains a similar price range in Korea, the vehicle can directly compete with its rival EVs of comparable size in the local market.
KG Mobility is also jumping on the EV bandwagon, but the company is targeting the pickup truck market. The homegrown carmaker is renowned for its industry identity and boasts a wealth of knowledge in SUV manufacturing. The company is reviewing its plan to launch its electric pickup truck, O100, next year.
With only a few rival players in the segment, the company aims to extend its glory in the electric sector with the launch of the new model.
Industry officials said that what was considered the “top three minor carmakers” here still had enough opportunities to expand their footing in the upcoming era of EVs, even if they fail to compete against Hyundai Motor and Kia in the Korean market.
“Even if Hyundai Motor and Kia account for more than 80 percent in the local vehicle market, there stands a possibility that Renault, GM and KG can steal some of the shares if they focus on gaining price competitiveness for their upcoming models,” an auto industry source said.
American EV maker Tesla continues to remain the center of attention here, so no one can say for sure if upcoming strategic EVs from the automakers can take a similar footing, according to the source.