Kia America announced a record sales quarter in Q3, influenced by significant EV sales growth.
Kia and their sister brand Hyundai have been notable players in the EV market. The Kia EV6 and the Hyundai Ioniq 5 have been universally praised for their design, price point, and capabilities. Consumers have made the models some of the most popular in the country. Kia America boosted overall sales by 6.3% and EV sales by 41% compared to last September.
Overall, Kia sold 56,270 units in September, 1,440 of which were Kia EV6s. But the real brand leaders were its SUV offerings, each growing sales by over 60%. Kia’s other EV model, the Niro, had quite a slow month, only selling 191 units, including hybridized models. Nonetheless, it remains a better-selling vehicle year to date than the Kia EV6 counterpart; 18711 Niro YTD, 17564 EV6 YTD.
Despite the quarterly success, both South Korean brands are headed towards turmoil. None of their current EV models will qualify for federal incentives until they can be domestically produced. Hyundai is working to open its first US EV production facility in Georgia, but until it is ready, their vehicles will not qualify. So far, the Biden administration has not made any changes to the Inflation Reduction Act, despite significant protest from both the brands and the South Korean government.
Hyundai has not published their sales statistics for September nor Q3, though they should be expected in the coming week as brands report sales going into October. With Hyundai’s added sales, the pair of brands might take second place for EV sales in the US, though Ford has been closely competing.
Many brands are finding substantial success from EV sales, most growing month over month at an incredible pace. However, brands with limited EV lineups are finding limits; 2 dedicated EV models will no longer cut it. Hopefully, this will mean more EV options will come from numerous brands in the coming quarter and year.
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