Hyundai Motor Group, including its Hyundai and Kia brands, is continuously making strides in the electric vehicle market in the US. The South Korean automaker is now catching up with the current market leader, Tesla, BusinessKorea reports, citing the Korean Automobile & Mobility Association’s (KAMA) data.
Hyundai & Kia capture over 10% of the market
Hyundai and Kia’s share in the US electric vehicle market reached a remarkable 11.2% from January through May 2024. According to the data, the Group sold a total of 48,383 EVs in the US market in the said period. It reportedly indicates a 43% YoY increase last month, partly due to the growing popularity of the Hyundai Ioniq 5.
For reference, the January-May 2024 market share represents a significant increase from just 3.2% in 2020, 3.4% in 2021, 10.6% in 2022, and 6.8% in 2023.
The South Korean automaker diminished its gap with Tesla by 33% over the last five years, enabling it to claim the second spot in the highly competitive market.
Tesla still leads, but gap narrows
With Hyundai Motor Group’s more than 10% market share, it is closing the originally tremendous gap with the Musk-led company. For reference, Tesla currently controls 51.7% of the market, indicating a tremendous decline from 2020.
Tesla’s market share gap with the Group was 73.2% from January to May 2020. It declined to 52.9% in the first half of 2022. In the first half of 2023, the South Korean Group has further lowered the gap to 40.5%.
In 2023, the Group’s remarkable combined EV sales enabled it to become the second-best-selling automaker in the US behind Tesla.
“We continue seeing great success in our eco-friendly lineup with an overall 50% increase year over year. Both EVs and Hybrids continue to gain popularity with Hyundai’s newest HEV, the 2024 Santa Fe, gaining 116% year over year and our award-winning IONIQ 5 family increasing 82%. We’re proud to also announce Hyundai has America’s Most Awarded EV Lineup in the industry.”
Randy Parker, Hyundai Motor America CEO
Hyundai’s EV lineup
The Hyundai Motor Group’s electric vehicle portfolio offers multiple models, including the following:
- Hyundai – Hyundai Ioniq 5, Hyundai Ioniq 6 and Hyundai Kona Electric
- Kia – Kia EV6, Kia EV9, and Kia Niro EV
- Genesis – Genesis GV60, Genesis Electrified GV70, and Genesis Electrified G80
Therefore, if we disregard the performance-focused versions of the Hyundai Ioniq 5 and Kia EV6, the South Korean automaker currently sells nine electric vehicle models.
The most popular models in the market so far this year were the Hyundai Ioniq 5, with 14,973 sales, and the Kia EV6, with 8,770 units. The Kia EV9 also fared well, with 7,766 units sold.
