Hyundai claims No. 2 in U.S. EV market, beating Ford and GM

Industry

Hyundai claims No. 2 in U.S. EV market, beating Ford and GM

Published: 21 Aug. 2024, 16:53

SARAH CHEA
chea.sarah@joongang.co.kr

Hyundai Motor's Ioniq 5 [HYUNDAI MOTOR]

Hyundai Motor Group beat Ford Motor and General Motors to claim the title of the second-largest EV brand in the United States.

The Korean auto group, which includes Genesis and Kia, grabbed 10 percent of the U.S. EV market this year through July, according to a report from the market tracker Motor Intelligence.

It outpaced Ford Motor, which got 7.4 percent of the share, and General Motors with 6.3 percent.

It is second only to Tesla, whose share plunged to 49.7 percent during the same period from 70 percent in 2022 and 60 percent in 2023.

Hyundai's Ioniq series and Kia's EV series largely contributed. A total of 18,728 Ioniq 5s were sold in the U.S. market in the first half, making it the No. 4 most popular EV after the Tesla Model Y, 3 and Ford's Mustang Mach-E.

Kia's EV6 [KIA]

Ioniq 6 sales doubled to 6,912 during the same period.

Around 11,000 Kia EV6s were sold, the first time the sales exceeded the 10,000-mark in the half-year figure.

Sales of Genesis's electrified GV70 skyrocketed 256 percent to 1,875 units.

Hyundai's performance came despite none of its EVs being qualified for the U.S. government's up to $7,500 tax credit for vehicles assembled in North America. The Korean automaker has been offering its own discounts to consumers to offset the lack of incentives.

Hyundai is currently constructing an EV plant in Georgia to qualify for the incentives, which is set to start operation as early as October.

BY SARAH CHEA [chea.sarah@joongang.co.kr]