Who Should Tesla Be Most Worried About? Not Ford Or GM, But Rivian And An Unlikely Korean Rival

In 2023, Tesla Inc TSLA retained its title as the best-selling EV maker in the U.S., to no one’s shock. However, lurking in the shadows are surprising contenders, not from traditional rivals like Ford or GM, but from a South Korean automaker and an emerging EV startup.

What Happened: Data compiled by Kelly Blue Book, a research company under Cox Automotive, reveals Tesla’s dominance with 654,888 EVs sold in 2023. Notably, this figure surpasses Ford Motor Co F with 72,608 EVs sold and General Motor Co‘s GM Chevrolet with 62,988. It’s crucial to note that these numbers consider sales from different brands under an automaker as separate entities.

Korean Twist: A surprising twist emerges when South Korean automaker Hyundai Motor Co HYMTF is taken into account alongside its unit Kia. Together, they sold 87,597 vehicles, surpassing both GM and Ford individually. The Ioniq 5 led Hyundai’s sales, while Kia’s best-seller was the EV6.

Hyundai unveiled its first electric sedan, the Ioniq 6, in July 2022. The Korean automaker is gearing up to launch as many as 31 electric models by 2030, to secure a projected 12% of the global EV market.

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The Local Rival: Rivian Automotive Inc. RIVN made its mark in the “Big EV” category, securing a spot in the top ten by selling 24,783 R1S electric SUVs in 202. It was the seventh-most sold EV in the United States, surpassing the Tesla Model X, with which it competes.

By the end of the third quarter of last year, Rivian seemed to be closing the gap with Tesla in the premium EV market.

Rivian’s overall EV deliveries exceeded 50,000 units, marking a staggering growth rate of over 100%. The Rivian R1T is priced at $73,000, with the R1S SUV starting at $78,000.

Now, with plans to introduce a cheaper model that CEO R.J. Scaringe believes will disrupt Tesla’s hold in the $40,000-$45,000 EV market, Rivian could make the competition a lot more interesting.

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