Hyundai Motor Group Becomes Second-Largest EV Brand In The U.S.

Kia and Genesis also fall under the purview of Hyundai Motor Group which together crossed the 10% market share until July 2024.

The Hyundai Motor Group is achieving new records in the U.S. market with its impressive EV sales figures. The Korean auto conglomerate operates three brands – Hyundai, Kia and Genesis. While the first two are mass-market companies, the latter is the luxury arm of the group. In essence, the group aims to cater to almost all sorts of potential buyers as the industry goes electric. In some sense, the Hyundai Motor Group already has a first-mover advantage in comparison to other legacy carmakers.

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Hyundai Motor Group Sales In The U.S.

As per data from Motor Intelligence reported by Automotive News, EVs under the Hyundai Motor Group accounted for 10% of total EV sales in the U.S. for the first 6 months of 2024. This is second only to Tesla which has 49.7% share of EV sales in the U.S. in Q2. Note that Tesla slipped below 50% for the first time in April 2024 with a market share of 46%. This is a clear indication that the competition is getting tougher.

For reference, the U.S. auto giants like Ford and GM trailed at third and fourth spot with 7.4% and 6.3% share, respectively. Also worth mentioning is the fact that if Hyundai is treated differently as a single brand rather than including Kia and Genesis, Ford holds the second spot. But these are nitty-gritty. The main point is that Hyundai Motor Group is expanding its presence rapidly in one of the largest EV markets in the world.

In fact, these sales numbers are promising despite the fact that Hyundai EVs are not yet made in the U.S. As a consequence, they are not eligible for the attractive $7,500 federal tax credit. That hints at just how popular the Korean EVs are getting in America. Its multi-billion-dollar Metaplant in Georgia is slated to become operational by the October of this year. Hyundai Motor Group has already invested around $7.6 billion to create 8,500 jobs. More importantly, another $12.6 billion in funding is expected by the Metaplant from the suppliers.

Hyundai will commence production at this facility with the 2025 Ioniq 5, followed by the much-anticipated Ioniq 9. The latter will be the flagship 7-seat EV from the Korean auto marque. With this, Hyundai EVs will become eligible for the federal tax credits. Note that the Kia EV9 is already being produced in the States along with the Genesis GV70. Therefore, if you think this was a fluke, the future looks even more promising for the Hyundai Motor Group.

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Learn Electric Cars Says

Hyundai Motor Group is definitely in the lead in this global EV race. Many legacy carmakers are struggling to transition into electric mobility. To be honest, the demand trends have been quite erratic in the last few months. Hence, established auto giants are not willing to put all their eggs in one basket. Still, it seems like EVs are here to stay.

Therefore, they have to pivot their business at some point. For now, we can safely assume that the Korean conglomerate is ahead of everyone else. Not just that, with all that it is doing in various parts of the world, it is undeniable that it has concrete plans to grab a large chunk of the global EV share. We shall keep an eye out for further developments in this regard.