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Hyundai Launches $18,000 EV in Japan to Target Market Dominated by Local Brands

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Hyundai Motor has unveiled its plans to introduce the affordable Inster compact electric vehicle (EV) in Japan, priced at 2.85 million yen ($18,000). This marks the cheapest electric vehicle in Japan’s compact car market and is part of Hyundai’s strategy to penetrate a market long dominated by local giants like Toyota, Honda, and Nissan, who have well-established petrol and hybrid vehicle technologies.

The Inster, which debuted in Europe last year and was originally launched in South Korea as the Casper Electric, aims to appeal to Japanese consumers by offering an EV at a lower price point than competitors. For instance, BYD’s Dolphin, launched in 2023, is priced at 3.63 million yen, making Hyundai’s new model a more cost-effective alternative. Deliveries of the Inster in Japan are set to begin in May, as announced by Hyundai Mobility Japan CEO Toshiyuki Shimegi during the Tokyo Auto Salon.

The Japanese EV market has been slow to adopt electric vehicles, with the Nissan Sakura, the most popular EV in Japan, priced at 2.60 million yen, seeing a 40% sales drop last year, with fewer than 23,000 units sold. Despite this, Japan’s passenger car market remains sizable, with approximately 4 million vehicles sold annually.

Hyundai, which has set a goal to increase its sales in Japan by tenfold over the next five years, has faced stiff competition in the market. In 2024, Hyundai sold only 607 vehicles in Japan, while BYD sold 2,223 units. Hyundai’s return to Japan’s passenger car market in 2022, focusing exclusively on electric and fuel-cell vehicles, follows its exit in 2009 due to low sales. The Inster is expected to play a pivotal role in helping Hyundai gain recognition and grow its presence in the Japanese market, a sector largely dominated by Toyota and other local manufacturers.

 

China’s Car Sales Surge in November, EVs Lead the Charge

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China’s car sales surged 16.6% in November compared to the same period last year, marking the fastest growth since January. This increase, which saw a total of 2.45 million vehicles sold, is driven by a rise in government-subsidized auto trade-ins as the year draws to a close. For the first 11 months of 2024, total car sales have increased by 4.4% year-on-year, reflecting a steady recovery in the market.

Electric Vehicles Dominate

Electric vehicles (EVs), plug-in hybrids, and extended-range vehicles saw a remarkable 50.5% increase in sales, now accounting for 51.8% of total car sales in the country. This marks the fifth consecutive month that battery-powered cars, including plug-ins, have outsold traditional gasoline-powered vehicles in China, the world’s largest car market.