Hyundai says the sticker prices of its cars will always be worthy of a premium over Chinese models, and BMW is working with Mercedes to build an EV charging network in China.
This is AM Drive, Motor1's daily look at the news you need before you get in your car.
Hyundai Says It Will Always Be More Premium Than Chinese Automakers
Hyundai has come a long way since the 1990s – but so have Chinese automakers. Still, the South Korean company claims that it's a more prestigious brand than anything coming from China. Speaking with CarSales, Hyundai Motor Company Australia chief operating officer John Kett said the era of cheap cars is gone.
"I think we'll always be a premium to the Chinese. We've just got to come up with the technology to keep ahead of them, to recognize that our premium is worth it to some customers. Our benefit is that the pace of change in our portfolio is quite significant, and I think we're going to have to keep doing that to justify the pricing position we have over our competitors. Time will tell if the technology we will bring is worthy of the premium we charge."
John Kett pointed out Hyundai couldn’t have been profitable had it kept prices low as it did in the past. Consequently, it would’ve lacked the necessary budget to roll out so many cars and refresh them so often. Indeed, it feels like a next-generation model or a mid-cycle facelift is happening every other week.
Mercedes-Benz And BMW Are Working Together, But Not On A Car:
Mercedes and BMW are officially working together to build an EV charging network in China. To make it happen, the German duo is creating a 50:50 joint venture owned by its local subsidiaries - Mercedes-Benz Group China and BMW Brilliance Automotive. At least 1,000 stations will be up and running by the end of 2026, with the first ones to be inaugurated in 2024 in parts of the country where EVs are more widespread.
Touted as a high-power "premium charging network," the new infrastructure won't be exclusive to Mercedes and BMW models. The two brands will allow owners of other cars to juice up their EVs. Wherever possible, the charging stations will provide electricity originating from renewable sources.
