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Hyundai & Kia take second place after Tesla in US EV sales

(Credit: Hyundai)

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South Korean automakers Hyundai and Kia placed second together in US electric vehicles (EV) sales after Tesla, beating Detroit-based legacy automakers Ford and General Motors.

Hyundai and Kia, along with the Genesis brand, are owned by Hyundai Motor Group, which holds the fourth-largest share in the US car market. Based on sales data from S&P Global, Hyundai Motor Group is behind big names in the global auto market, including Toyota, Ford, and General Motors.

But when it comes to the electric vehicle market in the United States, Hyundai Motor Group is second to lead EV maker Tesla, thanks to its Hyundai and Kia electric vehicles.

“Hyundai and Kia used to be regarded in the US as low-end, unreliable cars. But now, not only are their electric vehicles seen as at least as good as their Tesla equivalents, they are cheaper too. That has led to a very sharp rise in sales in a very short amount of time,” Troy Stangarone, Senior Director at the Korea Economic Institute of America, told the Financial Times (FT).

Hyundai and Kia made up 7.5% of the US EV market, ahead of GM’s Chevrolet brand, which made up 5.9%. Meanwhile, Ford holds a 5.5% share of the US EV market. Tesla remains at the top of the US EV market, holding a share of 57.4%.

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Hyundai Motor Group’s share in the US EV market is quite impressive, considering none of its electric vehicles qualify for the Inflation Reduction Act’s $7,500 tax incentives. It would be interesting to see the South Korean Company’s US EV sales after its $7.6 billion electric vehicle factory in Georgia.

In January 2024, Hyundai Motor Group reported selling 33,918 Ioniq 5 and 12,999 Ionia 6 electric vehicles in 2023 from its Hyundai brand. Meanwhile, the Group sold 18,879 Kia EV6 cars and 1,118 units of its freshly released EV9 vehicles. Inside EVs estimated that Kia sold around 11,000 to 12,000 Niro EVs in 2023.

As can be gleaned from Hyundai and Kia’s 2023 EV sales history in the United States, the South Korean automaker concentrated on specific categories in the US electric vehicle market.

“Hyundai is one of the few companies producing EV sedans, while the big three US automakers focus on making large SUVs and pick-up trucks. This meant it was able to make rapid inroads in the US market despite its relatively late entry into the EV space,” said Kim Tae-Hyun, head of the Mirae Mobility Research Center in Seoul.

Hyundai Motor Group chose to focus on smaller and more affordable electric vehicles for the US EV Market. Based on past Teslarati articles, consumers in the United States–who want to make the EV transition–seek affordable EVs that will take them from point A to point B without worrying about range. Hyundai and Kia’s EVs seem to check off all those boxes.

If you have any tips, contact me at maria@teslarati.com or via X @Writer_01001101.

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Maria--aka "M"-- is an experienced writer and book editor. She's written about several topics including health, tech, and politics. As a book editor, she's worked with authors who write Sci-Fi, Romance, and Dark Fantasy. M loves hearing from TESLARATI readers. If you have any tips or article ideas, contact her at maria@teslarati.com or via X, @Writer_01001101.

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Tesla creates clever solution to simplify and improve its Service

Raj Jegannathan, a Vice President of IT/AI-Infra, Apps, Infosec, and Vehicle Service Operations, revealed that Tesla has started a small pilot program at a few service locations to combat this issue.

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Credit: Tesla

Tesla has created a clever solution to simplify and improve its Service. Tesla performs most of the services that are needed on its vehicles at its company-owned Service Centers.

However, service has been a weak point of the company, as some regions have fewer Service Centers than others. This can cause long wait times for Tesla owners in some parts of the country.

There are also instances where customers do not agree with what Tesla is saying about their vehicle. In fact, one instance that revealed this new change Tesla is making to its Service was precisely that.

One owner posted on X that his vehicle’s battery seal had failed after a recall was issued. Tesla insurance and Tesla Service both did not assist, and it took CEO Elon Musk stepping in to get the issue resolved:

Another owner suggested there should be a more streamlined communications process between the customer and the Service Center, a solution that has been missing.

Raj Jegannathan, a Vice President of IT/AI-Infra, Apps, Infosec, and Vehicle Service Operations, revealed that Tesla has started a small pilot program at a few service locations to combat this issue.

Elon Musk wants Tesla Service to fix two-thirds of cars in the same day

Jegannathan said that Tesla has started to share local and regional leader contact information so customers have the ability to reach out when they have complaints or disagree with warranty claims, changes in estimates, or initial diagnostics.

It is available in a handful of locations already, and Jegannathan said that once abuse guardrails are built, this will expand to all locations:

This would be a major improvement in the Service portion of Tesla’s business. There are common disagreements between Service and customers, specifically when Service’s suggestions don’t align with the customer’s beliefs.

When it comes to things like a warranty claim, these issues are not really up for interpretation. Instead, the repairs should be made. If there is a misunderstanding on Service’s side, a simple message from the customer could have resolved the issue. That’s basically what happened here.

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Investor's Corner

Tesla gets its best analysis from Morgan Stanley as ‘it’s all about to change’

He maintained its ‘Overweight’ rating and the $410 price target Morgan Stanley had on the stock.

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(Credit: Tesla)

Tesla has gotten perhaps its best analysis from Morgan Stanley in quite some time, as the Wall Street firm claims that “it’s all about to change.”

That phrase could be used for both the company’s status and the world in general.

Analyst Adam Jonas said in a new note on Thursday to investors that Tesla could be one of the major winners in terms of the global transition from what it is now to what it will be.

He describes the global shift that will occur over the next few years:

“Have you interacted with a robot today? Have you even seen a robot today? No? Well, take a mental picture because it’s all about to change. When we meet someone who has never been in a Waymo or a Tesla Cybercab (which is most people), we frequently see a wince and a response such as ‘I’m not sure I’d feel comfortable getting in a car without a driver.’ We imagine going back in time to 1903 and asking people if they’d feel comfortable in an airplane.'”

The same technological revolutions that have occurred over the past 150 years will continue to occur again and again. We are on the verge of another, Jonas believes, as companies like Tesla are working on artificial intelligence tech, which includes changing the way we look at things like transportation and labor.

Jonas includes an interesting tidbit in his note about how humanoid robots could change wages, and how it could work into the advantage of Tesla, especially as it is developing its own Optimus robot:

“We estimate 1 humanoid robot at $5/hour can do the work of 2 humans at $25/hour, generating an NPV of approximately $200k/humanoid. 1 robot shaped car can potentially drive down cost/mile of a ride share vehicle to <$0.20 mile (1/10th human-driven ride-share).”

Jonas sees Tesla as a key player in how AI will impact things like manufacturing and various automotive industries, and he believes there is long-term potential for AI, robomobility, and even autonomous eVTOL platforms.

Tesla stock: Morgan Stanley says eVTOL is calling Elon Musk for new chapter

He maintained its ‘Overweight’ rating and the $410 price target Morgan Stanley had on the stock.

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Tesla expands Robotaxi program in Austin to new riders

Tesla has been expanding both the rider group and the geofence in Austin slowly, making sure to prioritize safety and avoid any major events with the early rollout.

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Credit: @TerrapinTerpene/X

Tesla is expanding its Robotaxi program in Austin, Texas, as several people have received invitations to participate and take rides.

Tesla first launched the Robotaxi platform on June 22. It invited a handful of people to participate in the first-ever public rides. We were lucky enough to get an invitation, and our permissions have been expanded in the Bay Area pilot program as well.

The group was small and consisted of big names in the Tesla community. It expanded and is continuing to offer these exclusive invitations to notable members of the Tesla community.

There have been fewer than five subsequent invitations after the first group’s were sent in late June:

Tesla has been expanding both the rider group and the geofence in Austin slowly, making sure to prioritize safety and avoid any major events with the early rollout.

Tesla’s new Robotaxi geofence shape is an FU by Elon Musk to the competition

“We are being very cautious. We do not want to take any chances, so we are going to go cautiously. But the service areas and the number of vehicles in operation will increase at a hyper-exponential rate,” CEO Elon Musk said during the Q2 Earnings Call.

Eventually, the Robotaxi platform will not require an invite, and it will operate without geofences. Musk believes Tesla can get there within three or six months, and plans to have at least half of the U.S. population with access to a Robotaxi by the end of the year:

“I think we will probably have autonomous ride-hailing in probably half the population of the U.S. by the end of the year. That’s at least our goal, subject to regulatory approvals. I think we will technically be able to do it. Assuming we have regulatory approvals, it’s probably addressing half the population of the U.S. by the end of the year.”

Tesla plans to have regulatory approval in Nevada, Arizona, and Florida sooner than in other states.

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