Hyundai Motor Group, together with Kia and Genesis, is taking the US EV market by storm this 12 months. After reaching double-digit market share, Hyundai continued closing the hole with Tesla because the second-largest EV model within the US by means of July.
Hyundai, Kia, and Genesis take second in US EV market
By the primary seven months of 2024, Hyundai, Kia, and Genesis accounted for 10% of the US EV market. Hyundai outpaced Ford (7.4%) and GM (6.3%), in line with Motor Intelligence.
Tesla’s share of the US EV market slipped under 50% for the primary time within the second quarter. Tesla accounted for 49.7% of EV gross sales within the US in Q2 as new fashions hit the market.
Though IONIQ 5 and 6 gross sales slipped final month, they’re nonetheless up 25% and 54% year-to-date, respectively. In the meantime, sister firm Kia continued its record-setting efficiency in July after EV gross sales practically doubled YTD.
Kia’s new EV9, its first three-row electrical SUV, is a significant a part of its progress. In response to Kelley Blue E-book, Kia EV9 gross sales outpaced the Toyota bZ4X, VW ID.4, Nissan Ariya, Rivian R1T, and Tesla Mannequin S within the US by means of the primary half of 2024. It even topped Kia’s Niro EV gross sales.
Hyundai’s luxurious model, Genesis, stays a darkish horse within the US EV market. Genesis is shortly increasing within the US.
After including 21 devoted retailers within the US this 12 months, together with in eight new states, Genesis just lately introduced it now has 56 standalone services.
“In two brief years, Genesis’ retail footprint has grown quickly from one devoted retail facility in Louisiana to 56 retail services nationwide,” Genesis North America COO Claudia Marquez mentioned.
Hyundai, Kia, and Genesis proceed gaining floor within the US with among the most reasonably priced, fuel-efficient EVs in the marketplace. Hyundai and Kia account for eight of the highest ten most fuel-efficient EVs within the US in 2024.
Hyundai Motor and its suppliers are investing closely within the US, its largest gross sales market (North America). The corporate is opening its Hyundai Motor Group Metaplant America (HMGMA) later this 12 months in Georgia.
Hyundai invested round $7.6 billion, creating round 8,500 jobs. Nevertheless, with its suppliers, the Metaplant is anticipated to draw over $12.6 billion in funding.
In response to the Heart for Automotive Analysis (CAR), it’s additionally anticipated to determine over 50,000 new positions within the state.
Georgia awarded the automaker with its personal “Hyundai Day” on February 26, 2024. Hyundai has been fast-tracking development to allow EVs made on the plant to qualify for the $7,500 tax credit score.
Hyundai has been passing the credit score on by means of leasing, which accounts for 60% of its EV lineup. Though the battery portion with LG Vitality Answer isn’t anticipated to come back on-line till the top of 2025, Hyundai is anticipated to supply batteries from its Hungary plant within the meantime.
A second battery plant with SK On in Bartow County, GA, will provide batteries for Hyundai’s Montogomery, AL, the place the Genesis Electrified GV70 is constructed, and Kia’s West Level plant, the place the brand new EV9 is constructed.
Kia started EV9 manufacturing in GA in Could. It is going to be the primary mannequin to qualify for the credit score, with deliveries of the US-made EV9 set for October.
Till then, Kia is providing huge reductions on the EV9. In response to Motor Intelligence, Kia EV9 reductions reached over $18,000 in June.
The Metplant is anticipated to open its doorways in October. Hyundai’s new up to date 2025 IONIQ 5 would be the first to roll off meeting.
Hyundai can also be anticipated to unveil its first three-row electrical SUV, the IONIQ 9. The bigger Hyundai electrical SUV is anticipated to be constructed on the facility to qualify for the EV tax credit score.
In the meantime, Genesis can also be getting ready to launch its flagship electrical SUV. The ultra-luxury Genesis GV90 is anticipated to develop the model upward to rival Rolls Royce and Bentley.
With new fashions rolling out and the Metaplant opening later this 12 months, Hyundai will probably be a model to control in 2025.
Supply: Automotive Information