Hyundai has canceled plans to launch its IONIQ 3 electric hatchback in Australia. The company said importing the model would be too expensive to compete against low-cost electric vehicles from China.
Affordable Chinese EVs have quickly gained market share in Australia. Local buyers prefer cheaper battery-powered cars with solid basic performance.
The decision shows how fast Chinese EV brands are changing global competition. Many established automakers are forced to rethink their product and pricing strategies outside their home markets.
