Lynk & Co 02 (Source-Lynk & Co)
Lynk & Co, a joint venture between Geely and Volvo, is accelerating its entry into the European market by unveiling its first pure electric SUV model ’02’ in the European electric vehicle market.
This model was built based on Geely’s SEA (Sustainable Experience Architecture) platform, and shares technology with the Volvo EX30 and Zeke X.
Link & Co 02, equipped with a rear-wheel drive system and a 66kWh battery, provides a driving range of up to 445km and supports 150kW fast charging, allowing it to be charged from 10% to 80% in 30 minutes.
Lynk & Co 02 (Source-Lynk & Co)
The vehicle’s exterior emphasizes an urban crossover design with an aerodynamic design, and the interior features a 15.4-inch infotainment screen and a luxurious interior made of recycled materials.
In addition, Lynk & Co. also provides a car sharing function called ‘Hey Honk’ and a car rental system through an app, presenting a new way of using a car that goes beyond the concept of ownership.
Link & Co.’s competitiveness and plans for entering Korea
Lynk & Co 02 (Source-Lynk & Co)
Lynk & Co 02 will start at 35,495 euros (about 53 million won) in Europe, and a higher trim with additional features such as 22kW slow charging, 360-degree camera, and 20-inch wheels will also be provided.
In addition, this vehicle will be sold under the name ‘Z20’ in China after its debut in the European market, and will be sold at a price of approximately 30 million won in China, and is also planned to enter the Korean market in 2025.
Lynk & Co 02, which combines Volvo’s safety and technology with Geely’s price competitiveness, is likely to attract attention in the Korean electric vehicle market.
Korean automakers show mixed performance in the European electric vehicle market
IONIQ 6 (Source-Hyundai Motors)
While Lynk & Co.’s aggressive entry into the electric vehicle market is attracting attention, Korean automakers are showing conflicting performance in the European market.
Last September, while the European automobile market decreased by 4% compared to the same month last year, Hyundai sold 47,000 units, growing by 3% compared to the previous year, but Kia sold 50,000 units, down 11%.
Hyundai Motor Company has increased its share of overall sales, but is struggling in the electric vehicle market. Hyundai Motor Company’s electric vehicle sales in Europe in September fell 6% to 7,500 units compared to the same month last year, and Kia’s sales fell a whopping 36% to 7,700 units. As a result, Hyundai Motor Company and Kia Motors’ electric vehicle market share in Europe fell to 2.5% and 2.6%, respectively.
Challenges for Korean companies in the electric vehicle market
Lynk & Co 02 (Source-Lynk & Co)
The European electric vehicle market is showing continuous growth, but in order for Korean automakers to strengthen their competitiveness, they need a strategic response tailored to the growing demand for electric vehicles.
While Lynk & Co.’s electric vehicles are expanding their presence in the European and Chinese markets, if they enter the Korean market, it is expected to be a big challenge for Hyundai Motors and Kia.
Meanwhile, Lynk & Co. is creating a new competitive landscape in the electric vehicle market with its differentiated sharing system and innovative technology.
