Genesis G80 electrified model selected as ‘Top Pick: Luxury’ (Image courtesy of Hyundai, Kia Motors)
SEOUL, Oct. 30 (Korea Bizwire) – Hyundai is on the cusp of achieving double-digit market share in the U.S. electric vehicle (EV) segment. It’s intriguing to observe whether Hyundai can solidify its position as a pioneer in the American transition to electrification.
During the third quarter of this year, Hyundai successfully sold 21,638 electric vehicles in the U.S., accounting for 9.8 percent of the company’s overall sales, which totaled 219,961 vehicles, including Genesis models. These figures were reported by both U.S. electric vehicle website Electrek and Hyundai.
Comparing this to Hyundai’s 3.4 percent share of electric vehicles in the third quarter of last year, it’s evident that Hyundai’s EV market share has more than doubled. If we exclude the Genesis models, the EV share in Hyundai’s sales increases slightly to 9.9 percent.
This growth disproves earlier assumptions that Korean EVs would face challenges or decline in the U.S. market after the U.S. Congress passed the Inflation Reduction Act (IRA) in August last year.
In the automotive industry, there’s speculation that Hyundai’s expanding share of EV sales is a direct result of its aggressive electrification strategy. This year, Hyundai introduced two new EV models in the U.S., the Ioniq 6 and an electrified version of the Genesis GV70 SUV, adding to the four existing EVs: the Kona Electric, Ioniq 5, Genesis G80 electrified model, and GV6.
With 5,073 units sold in the third quarter, the Ioniq 6 has become Hyundai’s flagship EV in the country, alongside the Ioniq 5, with 11,665 units sold.
According to the most recent data from U.S. automotive market research firm Cox Automotive, none of the top five automotive groups in terms of U.S. market sales (General Motors, Toyota, Ford, Hyundai Motor Group, and Stellantis) had a larger share of EV sales than Hyundai during the third quarter.
Electrek noted that Hyundai, Volvo, Nissan, and Mercedes-Benz all increased their U.S. EV sales by more than 200 percent in the third quarter compared to the same period last year.
In the same timeframe, Kia achieved a 4.8 percent share of the U.S. EV market, and it is expected to exceed 5 percent in the fourth quarter. Kia currently offers two electric vehicle models in the U.S., the EV6 and Niro EV.
Kevin Lee (kevinlee@koreabizwire.com)
