Koreans Catch Up With Tesla: US Market Surprises
Hyundai Loses to Tesla in US Electric Car Race
Koreans Catch Up With Tesla: US Market Surprises
Hyundai Loses to Tesla in US Electric Car Race
2024-08-21T08:35+03:00
2024-08-21T08:35+03:00
2024-08-21T08:36+03:00
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Sales of electric vehicles, hybrids, and plug-in hybrids from Hyundai, Kia, and Genesis remain strong in the U.S. Thanks to multibillion-dollar investments and new production facilities, Hyundai Motor Group is strengthening its position in the electrified vehicle market. Hyundai Motor Group ranked second in U.S. electric vehicle sales as of July, behind only Tesla, which holds more than 50% of the EV market share. The Korean conglomerate took 10% of the market, ahead of Ford with 7.4% and General Motors with 6.3%. This success is especially impressive considering that Hyundai’s EVs are not yet eligible for a $7,500 federal tax credit. The massive investment will help the Korean conglomerate strengthen its position. Construction of the Metaplant complex for EV and battery production in Georgia is in full swing, and the plant is scheduled to open in October. The plant will have a capacity of 300,000 electric vehicles per year, with the possibility of increasing to 500,000. There are also plans to build a battery plant in a joint venture with LG Energy Solution, which is scheduled to be completed by the end of 2025. Kia recently began production of the all-electric EV9 at a modernized plant in Georgia, and deliveries of these U.S.-made vehicles will begin in October. Because these EVs will be made in America, they will be eligible for the full $7,500 tax credit. Next year, a battery joint venture with SK On will open in Georgia, supplying batteries for EVs built at Hyundai’s plant in Montgomery, Alabama. In addition to EVs, the group is aggressively pushing hybrids and plug-in hybrids. Hyundai’s hybrid sales were up 25% in the first seven months of the year. However, Kia’s hybrid sales fell 21% over the period, although demand for electrified versions of the Sportage, Sorento and Niro remains strong.
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Hyundai Loses to Tesla in US Electric Car Race
Sales of electric vehicles, hybrids, and plug-in hybrids from Hyundai, Kia, and Genesis remain strong in the U.S. Thanks to multibillion-dollar investments and new production facilities, Hyundai Motor Group is strengthening its position in the electrified vehicle market. Hyundai Motor Group ranked second in U.S. EV sales as of July, behind only Tesla, which holds more than 50% of the EV market share.
The Korean conglomerate captured 10% of the market, ahead of Ford’s 7.4% and General Motors’ 6.3%. That success is especially impressive given that Hyundai’s electric vehicles are not yet eligible for a $7,500 federal tax credit.
The massive investment will help the Korean conglomerate strengthen its position. Construction of the Metaplant complex for the production of electric vehicles and batteries in Georgia is in full swing, with the plant scheduled to open in October. The plant will have a capacity of 300,000 electric vehicles per year, with the possibility of increasing to 500,000. There are also plans to build a battery plant as part of a joint venture with LG Energy Solution, which should be completed by the end of 2025.
Kia recently began production of the all-electric EV9 at a revamped plant in Georgia, with deliveries of these U.S.-made vehicles set to begin in October. Because these EVs will be built in America, they will be eligible for the full $7,500 tax credit. Next year, a battery joint venture with SK On will open in Georgia, supplying batteries for EVs built at Hyundai’s Montgomery, Alabama, plant.
In addition to electric vehicles, the group is actively promoting hybrids and plug-in hybrids. Hyundai’s hybrid sales rose 25% in the first seven months of the year. However, Kia’s hybrid sales fell 21% in the period, although demand for electrified versions of the Sportage, Sorento and Niro remains strong.
