Automaker Hyundai Motor Company HYMTF has claimed the title of the second-largest electric vehicle company in the U.S. through the first six months of the year.
What Happened: Hyundai — owner of the Genesis and Ioniq brands, as well as 34% of Kia — accounts for roughly 10% of the EV market within the U.S., according to a new Motor Intelligence report shared by Electrek.
Sales of the Hyundai Ioniq 5 and 6 models are up 25% and 54% year-to-date, respectively. The Kia brand also saw EV sales pace higher in July, led by the EV9 — a three-row electric SUV.
The South Korean manufacturer trails only Tesla Inc TSLA, which saw their U.S. market share fall below 50% to 49.7% in the second quarter.
With 10% of the U.S. EV market, Hyundai is now ahead of large U.S. automakers Ford Motor Company F and General Motors Company GM, which have 7.4% and 6.3% market share, respectively.
Read Also: Hyundai To Introduce Refreshed Ioniq 5 In 2025 To Take On Tesla Model Y And Ford Mustang Mach-E
What's Next: The bad news for Ford and General Motors and potentially Tesla is that Hyundai is ramping up its plans to grow its electric vehicle market share.
Genesis is ramping up U.S. market coverage. The brand has added 21 new dedicated Genesis retailers in the U.S. in 2024, including entering eight new states. Genesis has 56 standalone facilities in the U.S. now.
Hyundai’s market share gains are credited to producing affordable and fuel-efficient EVs. New Hyundai and Kia Plants in Georgia could also help boost market share. Vehicles made at the factories will qualify for the $7,500 EV tax credit.
Kia EV9 vehicles began production in Georgia in May and are expected to begin U.S. deliveries in October. These will be the first Hyundai model to qualify for the credit.
An upcoming Ioniq 9 three-row SUV from Hyundai could be built at the new factory and qualify for the credit as well.
The Hyundai Metaplant will have annual capacity of producing 300,000 electric vehicles with the potential to expand to 500,000 annually according to a report from AutoNews.
While GM and Ford have put an emphasis on transitioning from internal-combustion engine (ICE) vehicles to electric vehicles to take on market leader Tesla, it is currently Hyundai Motor Company that is beating them in the battle against the market leader.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
