Hyundai aims to find its footing in China with high-performance N brand

Hyundai Motor's The New Elantra N sedan unveiled on Tuesday at the Auto Shanghai 2023 held in Shanghai [HYUNDAI MOTOR]

Hyundai Motor is putting forward its high-performance N brand to regain its footing in the Chinese market, where the carmaker has been steadily losing its share in recent years.

On Tuesday, Hyundai Motor introduced The New Elantra N sedan at the Auto Shanghai 2023 — officially known as the Shanghai International Automobile Industry Exhibition — for the first time ever.

Auto Shanghai runs for 10 days starting Tuesday at the National Exhibition and Convention Center in China.

The New Elantra N sedan, also known as The New Avante N in Korea, is a high-performance model of The New Elantra released in March. Hyundai Motor plans to begin selling The New Elantra N in China in the latter half of the year.

Also revealed on the same day was the Mufasa sport utility vehicle (SUV), a strategic model designed specifically for the Chinese market.

Targeting the electric vehicle (EV) demand in the region, Hyundai Motor plans to release the upcoming Ioniq 5 N, the first electrified model in the N series, in China next year as well.

Kia is also seeking to expand its market share in China with EV models.

Kia displayed its EV models including the EV6 GT SUV, EV9 concept car and EV5 concept car at the Shanghai event, targeting the fast growing EV demand in China.

Starting with EV6 this year, Kia plans to roll out at least one type of EV model in China every year by 2027. The plan is to sell 450,000 cars in China by 2030, with EV sales taking up 40 percent of the total, according to the company.

The move signified Hyundai Motor and Kia’s ramped-up efforts to secure a foothold in China.

Hyundai Motor and Kia accounted for a combined 1.7 percent in China’s auto sales last year. The companies are seeking a breakthrough to regain the market share in China, as the country is the world’s biggest automobile market representing over 30 percent of the total number of units sold globally.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]