Hyundai Motor Group has shrunk the gap between itself and Tesla by 33% in the United States electric vehicle (EV) market. The South Korean company’s achievement is attributed to Hyundai and Kia brand sales in the United States.
Hyundai Motor Group shrunk its gap with Tesla by 33% over the past five years. While Tesla remains the undisputed king of EVs in the US market, Hyundai and Kia might be considered number two. The Asian company’s recent January to May 2024 EV sales hints that Hyundai and Kia are working hard to cement their place in the US electric vehicle market.
In 2020, Tesla’s gap with Hyundai and Kia combined was 73.2% between January and May. By 2022, the gap between Tesla and Hyundai Motor Group’s top US brands dropped to 52.9% in the first half of the year. Last year, Hyundai and Kia managed to close the gap between Tesla by 40.5% in H1 2023. In 2023, Hyundai and Kia combined sold the second-most EVs in the United States after Tesla.
Hyundai and Kia shares in the US EV market increased by 11.2% as of May 2024. As per the Korea Automobile & Mobility Association (KAMA), between January and May 2024, Hyundai Motor Group’s top brands in the US sold 48,383 EVs out of 437,246 electric passenger cars in the United States.
Hyundai Motor of America reported that its EV sales increased by 42% last month, partly thanks to the IONIQ 5.
“We continue seeing great success in our eco-friendly lineup with an overall 50% increase year over year.
“Both EVs and Hybrids continue to gain popularity with Hyundai’s newest HEV, the 2024 Santa Fe, gaining 116% year over year and our award-winning IONIQ 5 family increasing 82%. We’re proud to also announce Hyundai has America’s Most Awarded EV Lineup in the industry,” said Randy Parker, CEO of Hyundai Motor America.
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