Beijing Hyundai Motor secretly unveiled its new strategic electric SUV, ‘Elexio’, during a media-exclusive event in Shanghai on April 22. The Elexio marks the first dedicated electric vehicle (EV) developed specifically for Chinese consumers, signaling a turning point for the joint venture amid ongoing speculation about its future in China.
A Tailored EV for the Chinese Market
Unlike Hyundai’s global EV offerings like the IONIQ 5N, the Elexio was engineered over a five-year development period with a “China-first” philosophy. At the launch event, the SUV was introduced in two distinct colors—White and Light Beam—underscoring its customized appeal. While detailed specifications remain under wraps, reports indicate that Elexio features a unique headlamp design, setting it apart from the existing IONIQ series.
The public debut is scheduled for May 7, with an official market launch set for the second half of 2025. Due to strategic considerations, photography at the unveiling was strictly prohibited.
Reaffirming Commitment to China
Despite facing a shrinking market share—currently around 1%—Beijing Hyundai firmly denied rumors of withdrawal from China. According to Chinese automotive media outlet Auto Home, company representatives stated, “No global company will give up on the Chinese market.” Beijing Hyundai emphasized its ongoing investment strategy, vowing to deepen its localization efforts.
The company introduced a new slogan to underline its ambitions: “In China, For China, Towards the World,” and outlined plans for broader collaboration with Beijing Automotive Group (BAIC).
Capital Investment and Export Growth
As part of its renewed strategy, Beijing Hyundai announced an 8 billion yuan (approx. $1.1 billion USD) capital injection to strengthen its manufacturing and R&D capabilities. This investment supports its plan to export 50,000 vehicles in 2024, with a target to double exports to 100,000 units by 2025.
This aligns with the broader trend in the Chinese auto market, which is projected to exceed 30 million vehicle sales in 2024, with new energy vehicles (NEVs)—including electric cars—expected to account for over 40% of total sales. Additionally, China’s vehicle exports are forecasted to grow by 19.3% year-over-year, reaching 5.86 million units.
