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Hyundai Launches Sub-$26,000 Compact EV in Japan Amid Global EV Price War and 22% EV Mandate

Nov 10, 2024, 08:58 AM

Hyundai has launched a sub-$26,000 compact electric vehicle (EV) in Japan, intensifying competition with BYD in a market where pricing pressures have hindered the adoption of electric vehicles. The move comes as automakers face a global price war driven by overcapacity and a surge in new EV models, as noted by Ford's CEO, who emphasized that no original equipment manufacturer (OEM) is immune to these market dynamics. Additionally, car manufacturers are reportedly offering record discounts of up to one-third on electric vehicles to meet end-of-year sales targets amid regulatory pressures, including a mandate requiring that 22% of new cars sold be electric. In related developments, China's CATL is introducing a long-range hybrid battery to compete with BYD, leveraging a combination of lithium-ion and sodium-ion technologies.