Hyundai’s Electrical Automobile Push Is Completely Working

There’s one automaker that stands in stark distinction to all of the doom-filled headlines about uneven electrical automobile gross sales in 2023, and that’s Korea’s Hyundai Motor Group. Whereas final 12 months noticed file EV gross sales from nearly each model that bothers to promote them, it additionally noticed uneven buying, questions over demand and continued points with software program and public charging. However the information from final 12 months more and more exhibits that Hyundai’s method—constructing a number of the world’s greatest EVs at pretty aggressive worth factors—is paying off handsomely, and that pattern appears solely poised to speed up in 2024.

A brand new report out at the moment from BloombergNEF, the information wire’s power analysis arm, signifies that based mostly on preliminary gross sales information, Hyundai and Kia collectively made up greater than 8% of the brand new EVs offered within the U.S. final 12 months. (BloombergNEF lumped gross sales of the Genesis luxurious fashions in with Hyundai.)

Because of this not solely did Hyundai Motor Group outpace Normal Motors and Ford at EV gross sales, however the Korean firm is now the quantity two automaker within the U.S. behind Tesla. (As a single, standalone model, nonetheless, Ford continues to be forward of the Koreans.) 

That is big, and it is proof that Hyundai’s all-in method to EVs is working. Furthermore, it is proof that a number of the massive gambles Hyundai has made lately—on design, on tech and options Individuals need—appear to have been the appropriate strikes. 

“Hyundai’s EVs stand out due to their spectacular charging energy and effectivity,” BloombergNEF EV analyst Corey Cantor wrote. “The Ioniq 5 can make the most of 350-kilowatt chargers, whereas the Ioniq 6 is without doubt one of the most effective EV sedans presently in the marketplace, with an Environmental Safety Company–rated effectivity of 4.6 miles per kilowatt-hour. Kia’s electrical vehicles have additionally had a robust 12 months, with the EV9, the brand new three-row SUV launched in December, hitting over 1,000 models offered in only one month.”

All of that is equally spectacular contemplating nearly none of Hyundai Motor Group’s EVs certified for any tax credit final 12 months, until they had been leased; the automaker did see quite a lot of gross sales success there, nonetheless. BloombergNEF signifies that in November, 44% of Ioniq 5 gross sales had been leases, about double what the model usually does. 

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InsideEVs will problem our personal official gross sales reviews on Hyundai, Kia and Genesis EV gross sales within the coming weeks when ultimate reviews are in, however BloombergNEF’s findings monitor with a lot of our personal information all through 2023. And it tracks with my very own predictions for 2024: that the Korean automaker lastly deserves to be thought of on par with Tesla and BYD because the rising international energy gamers on this area. What’s extra, the Kia EV9 three-row crossover is barely on sale but, however early critiques and tendencies point out it is destined to be one other hit. 

However as Cantor identified in an electronic mail to InsideEVs, some questions stay. Whereas Hyundai Motor Group as an entire is handsomely worthwhile (and gross sales of all of its vehicles have grown exponentially), it is unclear how a lot revenue—if any—it’s making from its EVs. It is also unclear if these gross sales milestones monitor with any of Hyundai’s inside targets. 

Nonetheless, it is additional proof that if anybody is not listening to what Hyundai is doing proper now, that should change and shortly.

Contact the creator: patrick.george@insideevs.com