Hyundai has been forced into a drastic move as the car giant’s huge move against Chinese threat reshapes the Aussie market. The global automotive manufacturer slashed prices on slow-selling electric models by more than $30,000, responding to China’s growing dominance. This significant action came after Hyundai Australia boss Don Romano delivered a critique of the brand’s EV sales performance in August, admitting they “do a terrible job” with EVs. The compelled strategic shift affects vehicles across the industry.
Massive Discounts Hit Electric Models
Hyundai responded to competitive pressure from emerging Chinese competitors with substantial markdown offers bringing cost reductions. The brand discounting hit underperforming cars, with Model year 2023 examples of the odd-looking Ioniq 6 sedan that remain in stock cut by as much as $34,142, bringing the cost down to $59,990 drive-away. That’s 34142 dollars off, making the final on-road price just 59990 dollars. Other models got reductions of about $3000 to $10,000 (3000 to 10000 dollars range). These bargains and promotional offers create best deals for Australian buyers. The discount runs until the end of the year, with the December deadline approaching. The strategy involves sharpening its pencil on inventory through pricing adjustments and negotiations.
| Model | Price | Saving |
| Kona Electric (Standard Range) | $49,990 | $9,189.02 |
| IONIQ 5 (Standard Range) | $65,990 | -$9,779.02 |
| INSTER (Standard Range) | $39,990 | -$3,320.02 |
| INSTER (Extended Range) | $42,990 | -$3,925.02 |
| INSTER Cross | $45,990 | -$3,540.02 |
| IONIQ 6 Dynamic (23MY) | $49,990 | -$27,564.02 |
| IONIQ 6 Techniq (23MY) | $54,990 | -$33,589.02 |
| IONIQ 6 Epiq (23MY) | $59,990 | -$34,142.02 |
Leadership Admits Ground to Make Up
Following his appointment, Hyundai Australia executive Don Romano delivered a negative assessment that compelled this response. “We have ground to make up,” Romano said in his August statement. The CEO’s management critique laid bare the company’s struggles where Hyundai lags behind Chinese competitors despite strong total market share in Australia. “We do a terrible job with our EVs… we are not doing the job we should be,” he admitted. The executive pointed out Hyundai’s market share of electric vehicles is “extremely low relative to our market share of total vehicles.” This gap and deficit requires urgent attention, progress, improvement, and recovery. The sole explanation and only reason is insufficient focus and inadequate priority given to electric models compared to traditional ICE (internal combustion engine vehicles) running on petrol, diesel, and fossil fuel. The poor numbers show a performance shortfall and failure in execution that falls short of expectations. Romano knows they haven’t put enough attention and resources into EVs because he can see other electric car companies doing a “much better job with their EVs than they do with their ICE.” Hyundai does the opposite – the contrary and inverse approach that’s different and reversed from successful rivals.
Chinese Expansion Poses Challenge
The threat posed by emerging Chinese brand competitors became the primary challenge forcing Hyundai’s hand. Chinese rivals have been outperforming established manufacturers with superior pricing and better execution, gaining a substantial portion and percentage of the market. These competitors grabbed control through expansion while Hyundai struggled with underperforming sales. The brand recognized the new competitor threat needed significant countermeasure action to counter China’s increasing dominance over the Aussie car market and vehicle industry. This competitive pressure and growing Chinese presence created urgent need for drastic strategic response.
Clearance Before New Model Launch
The top and best bargains target the Ioniq 6 with its distinctive design and unusual styling. These clearance deals come ahead of the imminent introduction and upcoming launch of a new model, making previous 2023 examples available at reduced prices. The next-generation replacement coming soon explains these substantial savings on remaining stock and inventory. However, Hyundai has not cut the cost of certain variants – the new Ioniq 9 seven-seater SUV for families and the critically acclaimed, highly-praised Ioniq 5 N sports variant with 478kW (478 kilowatts or kW) of power stayed unchanged and maintained pricing.
These high-performance models are excluded with no discount as they meet sales expectations. The reviewed and praised performance car delivers superior results compared to slow-selling models. A sleek cousin related sibling to the Ioniq 5 N will be joined and accompanied by the stylish replacement where it will arrive just around the corner.
What This Means for You
You can access substantial savings on electric vehicles from a global automotive maker with networks across Australia. The price cuts and markdown create opportunity with reduced cost barriers. Make your purchase before the December annual deadline when promotional pricing ends. The discounting represents the car giant’s huge move against Chinese threat while clearing inventory ahead of launches. The competitive environment benefits consumers gaining affordable electric models, even if discounts stem from poor performance and minimal market share struggles compared to overall presence.
