Wednesday, June 19, 2024
NewsHyundai and Kia Reach Record High U.S. EV Market Share, Narrowing Gap...

Hyundai and Kia Reach Record High U.S. EV Market Share, Narrowing Gap with Tesla

More than 1 in 10 new EVs sold are from Hyundai and

– Hyundai and Kia account for 11.2% of U.S. EV sales from January to May 2024.

– The gap between Hyundai, Kia, and Tesla has narrowed by 33 percentage points since 2020.

– New EV models like the Kia EV9 significantly boost Hyundai and Kia’s U.S. market presence.

Hyundai and Kia have reached a record-high market-share in the U.S. EV market. According to the Korea Automobile & Mobility Association (KAMA), the two automakers accounted for 11.2% of the EV market from January to May 2024.

2024 Kia EV9 Review: An Epic Family EV with Some Flaws

Over the past five years, Hyundai and Kia have consistently increased their presence in the U.S. EV market. In 2020, they had a market share of only 3.2%, with 2,344 units sold. By 2021, their share had increased to 3.4%, with 5,974 units sold. In 2022, their share grew to 10.6%, with 27,388 units sold. Despite challenges in 2023, they managed a market share of 6.8%, with 29,622 units sold. In 2024, they achieved an 11.2% market share, with 48,383 units sold.

Reducing the Gap with Tesla

Tesla remains the leading EV manufacturer in the U.S. In 2020, the gap between Tesla and the combined Hyundai-Kia market share was whopping 73.2 percentage points. By 2021, this gap had narrowed to 65.4 percentage points – you get the idea. And now, in 2024, the gap stands at 40.5 percentage points, according to the Korean Car Blog.

Hyundai Ioniq 5 N Pikes Peak | Photo: Hyundai

Hyundai Motor Group, the parent company of Hyundai and Kia, has seen a significant portion of its eco-friendly vehicle (hybrids, PHEVs, and EVs) sales in the U.S. come from EVs. From January to May 2024, nearly 40% of the Group’s eco-friendly vehicle sales were electric vehicles, totaling 122,562 units. In 2020, EVs accounted for 17.2% of their eco-friendly vehicle sales while so far this year, EVs represented 39.9% of their eco-friendly vehicle sales.

Key Factors Behind the Growth

Several factors have contributed to the strong performance of Hyundai and Kia in the U.S. EV market. Effective incentive programs and the launch of new EV models have played important roles. The Kia EV9, introduced in late 2023, has been particularly successful, with 7,766 units sold in the first five months of 2024. Other noteworthy players are the EV6, Ioniq 5, and Ioniq 6.

Hyundai and Kia’s achievements simply reflect their strategic efforts and the growing appeal and number of their electric vehicles. With numerous more new models coming from both automakers in the next few months and years, we think the trend will continue for a while yet.


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Matt St-Pierre
Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai


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