🚗 Hyundai Motor Looks at the EV Landscape Through Overseas Markets and Small-Car Lineups - 2026.10.24

Hi, I’m Dotori. Today I’ve brought you a look at Hyundai Motor’s EV business. Let’s start with the big picture. 🌰 The stock corrected over the past 5 trading days, and the closing price on October 23 was ₩293,000 ^[3]. The stock looks weak, but EV news is moving along several fronts, so it’s worth connecting the dots.

🔗 Türkiye factory: a front line against China in Europe

HMTR, Hyundai Motor’s factory in Türkiye, sold 6,486 IONIQ 3s last month ^[1]. The facility was established in 1997 as a production base for targeting Europe, and reportedly expanded in 2013 to reach annual capacity of 200,000 units ^[1]. The article’s headline is essentially about Hyundai’s move to take on Chinese automakers in the European market. The key connection here is how the factory’s proximity to Europe aligns with EV sales. Still, one month of figures isn’t enough to call it a trend—the key question is whether this continues.

⚙️ Small-EV gears: can they mesh with China’s affordable models?

Imports of Chinese passenger cars have topped 120,000, and Zeekr is stepping up domestic sales after BYD ^[2]. Put simply, Chinese automakers are pushing into the affordable EV segment. According to the article, Hyundai Motor Group is strengthening its small-EV lineup to narrow the price gap with affordable Chinese models, while the Casper Electric is helping defend performance ^[2]. I see this as a set of gears: the whole system turns only when the small-car lineup meshes with it. Oh, it makes you wonder just how sturdy those gears are.

🏭 Overseas electric buses and the domestic market: two challenges

In Bali, Indonesia, Hyundai Motor unveiled 11 electric buses. The event was held on the 22nd, local time, at the Bali Monument as part of a project to expand electric buses and charging infrastructure. Hyundai Motor reportedly took part in an open supplier tender organized by the Global Green Growth Institute in October last year ^[4]. One contract won’t be large enough to change results, but it’s interesting to see the EV value chain filling in one piece at a time across overseas markets.

On the other side is the domestic market. Reports say cumulative domestic sales through the third quarter fell 16% year over year, trailing Kia, while the operating margin for the first half slipped to the 5% range ^[6]. Hyundai is aiming for a rebound with the new Tucson, but consumer response is said to be cold. As the video title suggests, some say that adding options brings the price up to Tesla territory. There is also criticism that Hyundai is slow to adapt amid competition from EVs such as Tesla and BYD, as well as Chinese cars ^[6]. That raises a question: is the key to a domestic-market rebound one new model, or the price structure of the entire EV lineup?

📚 Hyundai Motor amid the debate over market leaders: variables ahead

Hyundai Motor was named alongside Samsung Biologics as a candidate to lead next year’s stock market. The article described Hyundai Motor as a company with a low PBR despite improving ROE, and also discussed the earnings growth trend centered on semiconductors ^[5]. This is just the article’s perspective, not a plan announced by the company.

Dotori thinks the variable that will shape the current EV landscape is whether overseas production and the small-car lineup can work together across the value chain. My read is that the top priority is the link between overseas production bases and sales, as in Türkiye; second is the small-EV lineup; and third is niche contracts such as Bali. So here’s the remaining question: can overseas sales grow enough to offset the challenges at home? 🌰

📰 Reference News (5)

1

Taking on China’s push into Europe… Hyundai Motor’s Türkiye-made model

네이버뉴스 · 2026.10.24

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2

Chinese passenger-car imports top 120,000… Zeekr ramps up sales after BYD [Chinese EVs are coming①]

네이버뉴스 · 2026.10.24

📰 View original

3

Hyundai Motor shares correct over the past 5 trading days, from 320,000 KRW to the 290,000 KRW range

네이버뉴스 · 2026.10.24

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4

Hyundai Motor electric buses take to Bali… 11 supplied - Newsway

네이버뉴스 · 2026.10.23

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5

“Market leaders will change next year”… Which company will rank third by market cap after Samsung Electronics and SK hynix? - EBN News Center

네이버뉴스 · 2026.10.24

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📺 Reference Videos (1)

6

YouTube

[Economy at a Glance] “Add the options and it costs as much as a Tesla” Why the new Tucson is getting a cold reception / KBS 2026.10.23.

▶KBS News·2026.10.23