Hyundai and Kia surge previous Ford, GM for second in US EV gross sales

Hyundai and Kia positioned second within the US EV market behind Tesla after a file gross sales yr in 2023. The Korean automakers surged previous Ford and GM with fashionable, purposeful EVs constructed for the trendy period.

Hyundai and Kia take second in US EV gross sales

Based on Kelley Blue Guide estimates, a file 1.2 million EVs have been handed over within the US final yr.

Tesla remained on prime (by far) with 55% of the share. Though Tesla’s share will inevitably fall as new fashions are launched, worth cuts helped bounce again from an all-time low in Q3.

The EV chief captured 4.2% of the overall US market with over 650,000 deliveries, topping Volkswagen, Subaru, and BMW for the primary time. In the meantime, Tesla wasn’t the one firm with file EV gross sales final yr.

Hyundai capped off a file yr with practically 47,000 IONIQ 5 and IONIQ 6 EVs offered, whereas Kia offered nearly 19,000 EV6 electrical crossovers. It additionally started delivering its first three-row electrical SUV, the EV9, with 1,113 offered in December.

Based on new analysis from BloombergNEF, the expansion was sufficient for Hyundai and Kia to prime Ford and GM for second in US EV gross sales.

Hyundai and Kia accounted for 8% of passenger EVs offered within the US final yr, with round 117,000 handed over.

Though Ford’s CEO, Jim Farley, declared that “Ford remained the No. 2 EV model” earlier this month, with Kia and Hyundai mixed, that’s not the case. Ford offered a brand new file of 72,608 EVs within the US in 2023.

In the meantime, GM offered round 72,639 EVs in 2023, with the Chevy Bolt accounting for over 85%. GM ended manufacturing of the inexpensive electrical automobile because it ramps up output of its Ultium fashions together with the Blazer EV. A brand new Bolt is anticipated to be revealed subsequent yr.

Electrek’s Take

Though Hyundai and Kia aren’t the identical firm, they share Hyundai’s E-GMP platform. Hyundai additionally owns simply over 30% of Kia and shares many parts inside its community.

The South Korean automakers topped GM and Ford even with out their EVs qualifying for the IRA tax credit score (solely by means of leasing).

A lot of their success is because of constructing EVs from the bottom up. The Hyundai IONIQ 5 was the sixth best-selling EV within the US final yr. Hyundai and Kia are additionally a few of the solely automakers (outdoors of Tesla) providing smaller EVs just like the Kona and Niro.

Not like UAW Ford and GM, which have delayed EV initiatives, Hyundai and Kia are specializing in constructing for the long run.

With devoted EVs, Hyundai additionally ranked second behind Tesla in reducing CO2 emissions and bettering gasoline financial system over the previous a number of years, in accordance with EPA knowledge.

After EV gross sales doubled this yr, Hyundai’s international president, Jose Munoz, informed Reuters in November that he’s nonetheless “very bullish” on EV demand. Munoz stated, “Primarily based on what I see, I would like extra. If I had extra capability immediately, I might promote extra vehicles.”