Hyundai and Kia Hit 100,000 EV Sales Milestone in the US
Closing in on Tesla’s Home Turf
Hyundai and Kia are on track to achieve a major milestone in the US electric vehicle (EV) market, with their combined sales expected to reach 100,000 units in 2023 for the first time. Despite the challenges faced by the electric vehicle market this year—including a reduction in tax credits, delays in the launch of affordable EV models, and rising interest rates—the two brands are rapidly growing their presence and emerging as Tesla’s strongest competitor in its home market.
As of September 2023, Hyundai and Kia have sold a total of 91,348 electric vehicles in the US, marking a 30.3% year-on-year increase. This impressive growth comes amid a slowdown in the US EV market, where other major automakers have struggled to maintain pace.
Second Largest EV Seller in the US
Hyundai and Kia are recording second place in cumulative sales in the third quarter, following Tesla, beating out major US automakers such as GM and Ford. According to Kelley Blue Book, Hyundai and Kia’s American EV market share in the first three quarters of this year was 10%, while Tesla, which had a market share of 65% as of the second quarter of 2022, fell to 49.8% in the same period.
Since entering the US EV market in 2017 with the Ioniq EV, the Ioniq 5 has become the leading sales model. As of the third quarter of this year, the Ioniq 5 has sold 33,118 units, up 19.8% from 25,306 units in the same period last year.
Kia’s Strong EV Lineup: EV6 and EV9
Kia, which introduced its first EV, the Soul EV, to the US in 2014, has also seen impressive growth. The Kia EV9, a large electric SUV that debuted in November 2022, has already sold 15,970 units through the third quarter of this year, nearly matching the cumulative sales of the EV6, Kia’s best-selling EV in the US, which stands at 15,985 units. The EV9 has quickly become a key player in Kia’s electric vehicle portfolio.
Both Hyundai and Kia’s success can be attributed to their strong product offerings based on the Electric Global Modular Platform (E-GMP), which has earned recognition for its high-tech features and performance. Hyundai and Kia have also secured several prestigious Car of the Year awards, with the Ioniq 5 winning World Car of the Year in 2022, the Ioniq 6 in 2023, and the EV9 in 2024. Additionally, the Kia EV6 won the European Car of the Year in 2022 and the North American Car of the Year in 2023.
Expanding US Production and Future Growth
Looking ahead, Hyundai and Kia are poised for further growth, with plans to increase their EV sales significantly by the end of this year. The US EV market is expected to grow in 2024 due to the efforts of Asian automakers, such as Honda and Nissan, and the anticipated recovery from the “EV chasm.”
The completion of Hyundai and Kia’s electric vehicle-only plant, Metaplant America (HMGMA), which began full operations in October 2023, is expected to drive further sales. Hyundai will also unveil the Ioniq 9, a large electric SUV, on November 22, 2023, to strengthen its EV lineup and continue its dominance in the US electric vehicle market.
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