30% of Toyota RAV4 pre-orders are PHEV, 0.7%
Toyota and BYD are targeting the PHEV market, which is missing from Hyundai's lineup. It was reported that 30% of RAV4 pre-orders were for PHEVs.
PHEV Market Without Hyundai, Imported Cars Targeting the Niche
The proportion of Plug-in Hybrid Electric Vehicles (PHEV) in the domestic automobile market stands at around 0.7%. Out of the 687,912 passenger cars registered in Korea from January to May this year, PHEVs accounted for only 4,739 units, a 24.6% decrease compared to the same period last year. A PHEV is a hybrid that allows for external charging, possessing characteristics that simultaneously compensate for the range anxiety of electric vehicles and the charging constraints of hybrid vehicles. However, due to the exclusion of subsidies and ambiguous product appeal, it has shown limitations in market expansion.
Amid the recent ongoing electric vehicle chasm, Hyundai and Kia are pursuing a strategy of leaving a gap in their PHEV lineup by focusing on Hybrid (HEV) and Battery Electric Vehicle (BEV) lineups. Although they previously developed PHEV models such as the Grandeur, Sonata, and Tucson, they are currently focusing on standard hybrids and electric vehicles in the domestic market. Taking advantage of this absence in the domestic lineup, imported brands such as Toyota and BYD have stepped in to target the PHEV market.
Toyota RAV4: 30% of Pre-orders are PHEV Models
Toyota Korea is accelerating its market offensive with the launch of the new 'All New RAV4.' This new RAV4 lineup consists only of hybrid and PHEV models, without any internal combustion engine models. Consumer response is proven by the numbers: approximately 30% of the pre-order volume for the new RAV4 was concentrated on the PHEV model.
The RAV4 PHEV is equipped with a 22.68kWh battery, allowing it to travel up to 77km in electric mode alone. It supports 50kW rapid charging, taking about 35 minutes to charge from 10% to 80% battery capacity. This serves as an alternative for consumers who hesitate to purchase electric vehicles due to charging infrastructure and range concerns.
From Minivans to Hatchbacks: Toyota's Diversified Portfolio
Toyota has primarily targeted the market with the mid-size sedan Camry. The Camry sold 1,013 units from January to May this year, accounting for about 26% of the brand's total sales. Recently, Toyota Korea has been driving growth by targeting niche markets such as minivans and hatchbacks to avoid the competition centered on sedans and SUVs.
The premium minivan Alphard recorded the second-highest sales after the Camry, with 725 units sold from January to May this year. The Alphard differentiates itself as a chauffeur-driven vehicle, moving beyond the family image of a large minivan. Additionally, the hatchback model Prius (554 units) and the large family car Sienna (340 units) are expanding their market share by model type.
BYD's Entry: The 'EV-based Hybrid' Winning Move
Global EV manufacturer BYD is also preparing to enter the domestic PHEV market. On June 26, BYD Korea will unveil the 'Sealion 6 DM-i,' a mid-size SUV applying its proprietary DM-i technology, at the Busan Mobility Show. DM-i technology is an 'EV-based hybrid' method where the electric motor plays the central role in driving rather than the engine. This model consists of a 1.5-liter turbo engine, an Electric Hybrid System (EHS), and a Blade Battery, and is capable of driving more than 70km in electric mode.
