Hyundai Motor thrives in U.S. despite tax credit concerns

Hyundai Motor's face-lifted GV80 SUV [YONHAP]

Hyundai Motor is the second-largest player in the U.S. market for electric vehicles (EVs) despite concerns surrounding Washington's protectionist policies, data showed Sunday.

Hyundai Motor took up 4.8 percent of the U.S. EV market in the January-September period, with its sister company Kia accounting for 2.7 percent, according to the U.S. publication Automotive News.

The two companies' combined market share came to 7.5 percent, marking the second-largest slice of the U.S. EV market following Tesla, which posted a 57.4 percent share.

Chevrolet accounted for 5.9 percent, followed by Ford Motor with 5.5 percent.

Hyundai's latest performance came amid the U.S. Inflation Reduction Act, which provides tax credits of up to $7,500 to those who purchase EVs assembled in North America.

Currently, all Hyundai and Kia EVs that are sold in the North American market are manufactured in South Korea, making them ineligible to receive the credits. Their products can, however, qualify for the support when used for commercial purposes, such as leasing.

Yonhap