Electric Vehicle | Hyundai Motor Group EV Market Share Rise to 10% in the US in H1 2024, Surpassing Ford and GM

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Electric Vehicle | Hyundai Motor Group EV Market Share Rise to 10% in the US in H1 2024, Surpassing Ford and GM

Date：2024-08-20

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Keyword tags： EV North Anerica Hyundai

In the first half of this year, Hyundai Motor Group, encompassing Hyundai, Kia, and Genesis brands, nearly reached a sales figure of 60,000 electric vehicles in the U.S. market, capturing a market share of 10% and overtaking Ford (7.4%) and General Motors (6.3%). According to data from Motor Intelligence reported by Automotive News, Hyundai Group's market ranking has risen to the second position, just behind Tesla.

Source: Kelley Blue Book

Tesla's share of the U.S. electric vehicle market dipped below 50% for the first time in the second quarter. With the launch of new models, Tesla accounted for 49.7% of U.S. electric vehicle sales in the second quarter.

The Hyundai IONIQ 5 and Kia EV6 continue to be strong drivers of sales in the U.S., with the launch of Kia's new EV9 also boosting sales figures.

The Hyundai IONIQ 5 and IONIQ 6 saw year-on-year sales growth of 37.3% and 113.0% respectively in the U.S. during the first half of the year, with cumulative sales growth of 25% and 54% from January to July.

IONIQ 5

Kia's sales continued to hit record highs in July. Notably, Kia's new three-row electric SUV model, the EV9, priced starting at $54,900, was a significant component of its growth, with sales reaching a record 11,500 units in the U.S. from January to July. Additionally, the Kia EV6 achieved sales of 12,488 units in the U.S. over the same period.

According to data from Kelley Blue Book, in the first half of 2024, the Kia EV9 outsold models such as the Toyota bZ4X, VW ID.4, Nissan Ariya, Rivian R1T, and even the Tesla Model S, surpassing the sales of Kia's own Niro electric vehicle.

KIA 2024 EV9

Furthermore, Hyundai Motor Group is increasing its investment in the production of electric vehicles in the U.S. The group's U.S. car factory, Metaplant America (HMGMA), is expected to open in October this year. The project involves an investment of approximately $7.6 billion, with an expected workforce of 8,500 people. The updated 2025 Hyundai IONIQ 5 is expected to be the first model to roll off the assembly line, potentially followed by the launch of its first three-row electric SUV, the IONIQ 9.

As LGES's U.S. battery factory is not expected to be operational until the end of 2025, Hyundai Motor Group currently sources batteries mainly from its Hungarian factory. Additionally, SK On's second battery factory in Bartow County, GA, will supply batteries for Hyundai's luxury brand Genesis electric GV70's production at the Montgomery, AL factory and for Kia's new EV9 production at the West Point plant.

Kia began trial production of the EV9 in Georgia, U.S., in May this year, with official deliveries expected in October. This domestically produced vehicle will be eligible for IRA credits. However, to boost sales and capture market share before then, Kia has offered significant discounts on the EV9. According to data from Motor Intelligence, discounts on the Kia EV9 exceeded $18,000 in June.

In the meantime, Hyundai's luxury brand Genesis is rapidly expanding in the U.S. The brand is preparing to launch its flagship electric SUV, with the ultra-luxurious Genesis GV90 expected to elevate the brand to compete with the likes of Rolls-Royce and Bentley.

Despite a significant gap from the leading Tesla, Hyundai Motor Group is emerging as a dark horse in the U.S. electric vehicle market.

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