Hyundai conquers chunk of EV market

Author

Colin Velez
June 11, 2024

Hyundai Motor Group is swiftly becoming one of the top electric vehicle sellers in the U.S., occupying 11% of the eco-friendly market for the first time last month.

What this means: It would have been impossible to guess back in 2019 that the Hyundai group was on its way to becoming the fourth largest automaker in the U.S. However, not only is the brand putting major competitors to shame, its EV lineup is performing remarkably well during a time of slowing electric car demand.

The data

  • Hyundai, Kia and Genesis accounted for 11.2% (or 48,383 units) of all EV sales during the first five months of 2024, up from 3.2% in 2020 and the largest share in the group’s history.

  • While hybrids are quickly becoming more popular, EVs have accounted for roughly 40% of Hyundai’s eco-friendly sales in the U.S. this year, compared to just 17.2% at the start of the COVID-19 pandemic.

  • Hyundai’s EV sales rose 42% year-over-year in May alone.

Although Hyundai’s rapid growth has been impressive, there is still a sizeable gap between it and the top players in the North American car market. For example, Hyundai sold 78,485 units (up 12%) in May, less than half of Ford’s total monthly sales volume (190,014 units).

However, its comparative size also makes the strength of its EV lineup that much more impressive. Despite being the fourth largest automaker, the Hyundai group is the second largest EV seller in the U.S.

And while Tesla retains an immense lead over the competition, occupying just over half of the market, the gap between it and Hyundai has shrunk by 33 percentage points in just five years.

Bottom line: In just a few short years, Hyundai has changed the dynamic of the U.S. car market, going from a modest import brand to a major contender, especially in the electrified segment. If it can continue its momentum, it will be interesting to see if its success with eco-friendly models will convince other, more disillusioned automakers to reconsider their EV strategies.

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