In the dynamic realm of electric vehicles (EVs), Hyundai and Kia have emerged as formidable players, defying apprehensions surrounding market saturation. Amidst speculations of an overestimated demand for EVs, these automakers not only stand firm but showcase an unwavering optimism. Senior executives have echoed their confidence in the robust appetite for electric vehicles in the US, substantiating their claims with a doubling in sales.
The debut of Hyundai’s IONIQ 5 and Kia’s EV6, dedicated EV models, witnessed an unprecedented surge in sales last October, securing a significant position just behind Tesla in the US EV market. Impressively, Hyundai claimed a 4.8% market share by September, complemented by Kia’s 2.7%, culminating in a combined 7.5% market share or 64,000 EVs sold. This substantial growth becomes even more notable when considering Tesla’s dominant lead, with GM’s Chevy and Ford trailing behind.
What’s astonishing is Hyundai’s achievement of this growth without being eligible for the $7,500 EV tax credit, a testament to the sheer appeal of their vehicles, even without such incentives. Despite this, electric vehicle registrations witnessed an exceptional 61% surge in the initial nine months of the year, soaring to nearly 853,000 units. Projections from BloombergNEF foresee a groundbreaking milestone of 1 million EVs sold in the US for the year, showcasing a rapid acceleration in EV adoption rates.
Read Article: Kia’s EV9: Electrifying SUV Innovation Unleashed!
Hyundai exhibits unwavering determination despite facing delays that have hindered American automakers like Ford and GM. Their eagerness to push boundaries is evident in the construction nearing completion of their inaugural US EV and battery plant in Georgia. This strategic move positions Hyundai to significantly strengthen its foothold in the market. The imminent operation of the plant also aligns with the prospect of making Hyundai’s EVs eligible for the tax credit, providing an added impetus to their upward momentum.
Read Article: Genesis GV90: Luxury Redefined in Electric SUVs
Furthermore, Hyundai’s recent decision to reduce lease prices for popular models like the IONIQ 5 and IONIQ 6, coupled with extending the free EV charger promotion until early 2024, underscores their unwavering commitment to sustaining this momentum. These strategic initiatives serve as a testament to Hyundai’s resolve to consolidate its position in the rapidly evolving EV landscape.
Hyundai and Kia’s Electric Vehicle Sales Performance (2019-2023)
| Year | Hyundai EVs Sold | Kia EVs Sold | Combined EVs Sold |
|---|---|---|---|
| 2019 | 20,000 | 15,000 | 35,000 |
| 2020 | 35,000 | 25,000 | 60,000 |
| 2021 | 50,000 | 39,000 | 89,000 |
| 2022 | 68,000 | 52,000 | 120,000 |
| 2023 | 80,000 (projected) | 60,000 (projected) | 140,000 (projected) |
Read Article: Hyundai Kona Price in Pakistan 2023, Features, and Reviews
In conclusion, Hyundai and Kia’s ascension in the US EV market is not merely a feat of numbers but a testament to their innovative strategies, unwavering commitment, and foresight. Their trajectory, poised for continuous growth, paints a promising picture for the future of electric mobility, echoing the transformational potential of these automakers in shaping the evolving landscape of sustainable transportation.
