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South Korean automakers Hyundai and Kia positioned second collectively in US electrical automobiles (EV) gross sales after Tesla, beating Detroit-based legacy automakers Ford and Common Motors.
Hyundai and Kia, together with the Genesis model, are owned by Hyundai Motor Group, which holds the fourth-largest share within the US automotive market. Based mostly on gross sales information from S&P International, Hyundai Motor Group is behind huge names within the world auto market, together with Toyota, Ford, and Common Motors.
However in relation to the electrical automobile market in the US, Hyundai Motor Group is second to guide EV maker Tesla, due to its Hyundai and Kia electrical automobiles.
“Hyundai and Kia was once regarded within the US as low-end, unreliable vehicles. However now, not solely are their electrical automobiles seen as at the very least pretty much as good as their Tesla equivalents, they’re cheaper too. That has led to a really sharp rise in gross sales in a really brief period of time,” Troy Stangarone, Senior Director on the Korea Financial Institute of America, instructed the Monetary Instances (FT).
Hyundai and Kia made up 7.5% of the US EV market, forward of GM’s Chevrolet model, which made up 5.9%. In the meantime, Ford holds a 5.5% share of the US EV market. Tesla stays on the prime of the US EV market, holding a share of 57.4%.
Hyundai Motor Group’s share within the US EV market is kind of spectacular, contemplating none of its electrical automobiles qualify for the Inflation Discount Act’s $7,500 tax incentives. It will be attention-grabbing to see the South Korean Firm’s US EV gross sales after its $7.6 billion electrical automobile manufacturing unit in Georgia.
In January 2024, Hyundai Motor Group reported promoting 33,918 Ioniq 5 and 12,999 Ionia 6 electrical automobiles in 2023 from its Hyundai model. In the meantime, the Group bought 18,879 Kia EV6 vehicles and 1,118 models of its freshly launched EV9 automobiles. Inside EVs estimated that Kia bought round 11,000 to 12,000 Niro EVs in 2023.
As may be gleaned from Hyundai and Kia’s 2023 EV gross sales historical past in the US, the South Korean automaker targeting particular classes within the US electrical automobile market.
“Hyundai is among the few corporations producing EV sedans, whereas the large three US automakers deal with making massive SUVs and pick-up vans. This meant it was capable of make speedy inroads within the US market regardless of its comparatively late entry into the EV house,” stated Kim Tae-Hyun, head of the Mirae Mobility Analysis Middle in Seoul.
Hyundai Motor Group selected to deal with smaller and extra inexpensive electrical automobiles for the US EV Market. Based mostly on previous Teslarati articles, customers in the US–who need to make the EV transition–search inexpensive EVs that may take them from level A to level B with out worrying about vary. Hyundai and Kia’s EVs appear to verify off all these containers.
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