Impressive Sales Figures for Hyundai and Kia EVs
In October 2023, sales of the Hyundai Ioniq 5 in the U.S. market increased by 88% compared to last year. This means reaching 2,979 units. Kia’s EV6 also set a new record with a 30% increase in sales, selling 1,542 units. From January to October, the cumulative sales of the Ioniq 5 increased by 40% to 28,285 units, while the EV6 decreased by 17% to 16,340 units.
Hyundai’s U.S. battery electric vehicle market share was 4.8%, and Kia’s was 2.7%. They sold a total of 64,000 units, accounting for a 7.5% market share, ranking second after Tesla’s 57.4%. Although there’s still a large gap with Tesla, achieving this is commendable, considering that one can only receive the IRA benefit from lease sales.
Electric Vehicle Market Share and Growth in the U.S.
During the first nine months of this year, electric vehicle registrations in the U.S. market increased by 61% to 853,000 units. BloombergNEF reports that electric vehicles’ market share exceeded 7% of total U.S. sales in the first half of this year and is expected to surpass 1 million units this year. It took 10 years to sell 1 million electric vehicles in the U.S., 2 years to sell 2 million, and just over a year this year.
Despite GM and Ford’s delays, Hyundai is expected to maintain its momentum. Hyundai started building its first electric vehicle and battery factory in Georgia in October last year. One year later, the company announced the completion of 99.9% of the basic construction. If this trend continues, they expect to begin production in October 2024.
If this happens, they will be able to receive the IRA tax deduction in full and expect to gain sales momentum.
The current controversy over the sluggish sales of electric vehicles is mainly due to the reduced rate of increase. However, the increase is still ongoing. Production delays due to circumstances at Volkswagen, GM, Ford, and others are becoming an issue.
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