Hyundai And Kia Now Own 11% Of America's EV Sales Through May 2024
One in 10 new EV sales is from Korea's Hyundai Motor Group.
The Hyundai Motor Group, which includes Hyundai, Kia and Genesis brands, is quickly expanding its EV sales in the United States. The South Korean group was already the number two EV manufacturer in 2023 and Q1 2024 in the U.S., only behind Tesla.
The recent record sales of Kia and the outstanding growth of Hyundai led to a record EV share between January and May 2024—11.2%. According to data compiled by the Korea Automobile Manufacturers Association (via Yonhap News Agency), the group sold 48,838 all-electric vehicles, compared to 437,246 total EV sales during the period.
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Hyundai Motor Group Bets On EVs
The South Korean Hyundai Motor Group invested relatively early in its all-electric E-GMP platform, which enabled it to deliver several EV models. Soon, the group will introduce a few more and ramp up local production in the U.S.
Hyundai Motor Group's EV share in the U.S. never was higher. In the previous years, the group accounted for 6.8% in 2023, 10.6% in 2022 and 3.2% in 2020, the article says.
For reference, Tesla—the largest player in the segment—holds a 51.7% share so far this year. Tesla is still a dominant manufacturer, although it is losing market share from 73.2% in 2020.
According to the article, all-electric cars also represent up to nearly 40% of all "eco-friendly" models sold by Hyundai and Kia in the U.S. A few years ago, in 2020, it was just 17.2%.
The Hyundai Motor Group's EV lineup includes multiple models. Hyundai offers the Hyundai Ioniq 5, Hyundai Ioniq 6 and Hyundai Kona Electric. Kia sells the Kia EV6, Kia EV9, and Kia Niro EV. Hyundai's luxury arm, Genesis, offers the Genesis GV60, Genesis Electrified GV70, and Genesis Electrified G80.
This brings us to nine EVs if we exclude performance-oriented versions of the Hyundai Ioniq 5 and Kia EV6).
This year's best-selling models were the Hyundai Ioniq 5 (14,973) and Kia EV6 (8,770), although the Kia EV9 is also doing well with 7,766 sales.
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