South Korean legacy automaker Hyundai claims to have found its sweet spot with electric vehicles in the United States despite intensifying competition from both legacy and startup players.
Hyundai confident in the US market despite looming rivals
Hyundai US Chief Executive Randy Parker declared that the company is highly optimistic that it has discovered its “sweet spot” in the US market with its three long-range, fast-charging, and competitively-priced electric vehicle offerings.
Despite the anticipated arrival of new competing electric vehicle models in 2024, CEO Parker guaranteed that the company feels “pretty bullish about the second half.” This confidence is no longer surprising, considering that Hyundai achieved a new electric vehicle sales record in the second quarter of 2024.
In fact, its EV sales surged 15% year-over-year in the said period owing to the popularity of its Hyundai IONIQ 5 and IONIQ 6 EVs.
The Hyundai IONIQ 5 electric compact crossover SUV has advanced as one of the country’s most popular electric vehicle models, selling a total of 18,728 units through H1 2024.
Hyundai’s anticipates “tough” H2 2024
Despite the remarkable growth in Hyundai’s EV sales in recent periods, CEO Parker anticipates the H2 2024 to be “tough” as new models hit the US market.
For instance, General Motors’ Chevrolet and Japanese legacy automaker Honda recently introduced new models to challenge the popularity of the likes of the Hyundai IONIQ 5 and Tesla Model Y.
The Chevy Equinox EV 2LT FWD starts at $43,295, making it a direct competitor to the $43,175 Hyundai IONIQ 5. GM plans to launch a new lower-priced trim later this year, potentially costing about $35,000.
On the other hand, rivals like Ford, Rivian, Nissan, Toyota, etc., are accelerating electric vehicle production as they aim to secure a larger market share in H2 2024.
Hyundai’s strategy
Hyundai US Chief Executive Randy Parker recently asserted that the South Korean automaker is “humble and hungry” to distinguish itself among the increasing number of electric vehicle players.
In order to do that, Hyundai offers its customers confidence with its long-range, fast-charging electric vehicles at an affordable price compared to other models in the market.
Impressively, the Tesla rival managed to place six electric vehicle variants on the top 10 most fuel-efficient EVs ranking in the US in 2024. The popular Hyundai IONIQ 6, IONIQ 5, and new Kona Electric all made the list.
Hyundai has no plans to stop there, as it seeks to consistently improve its electric vehicle models to remain competitive in the market.
The new Hyundai IONIQ 5 update unveiled in Korea offers a more extended driving range, faster charging, and a sleeker design. The new Kona Electric also showcases a complete redesign on top of the higher driving range and faster charging capability for only sub-$33,000.
