Hyundai Motor Group’s Share Hits Record High of 11.2% in U.S. EV Market
Hyundai’s and Kia’s share of the U.S. electric vehicle market touched a record high through May this year. It accounted for nearly 40 percent of all eco-friendly vehicles sold in the United States during the same period.
Hyundai and Kia electric vehicles accounted for 48,383, or 11.2 percent of of the 437,246 electric passenger cars sold in the United States from January to May in 2024, according to the Korea Automobile & Mobility Association (KAMA) on June 9. This was the largest number and highest share of Hyundai’s and Kia’s U.S. EV sales statistics from January through May in a year.
Hyundai’s and Kia’s combined share of the U.S. EV market has been on the uptick over the past five years. It was 3.2 percent (2,344 units) in 2020, 3.4 percent (5,974 units) in 2021 and 10.6 percent (27,388 units) in 2022. However, in 2024, Hyundai’s and Kia’s combined market share fell to 6.8 percent (29,622 units) as the company was unable to keep up with the growth of the U.S. EV market. This year, despite a slowdown in the growth of the U.S. EV market, Hyundaia and Kia have enjoyed an increase in their EV sales.
The gap between the two Korean automakers and Tesla which has been the No. 1 EV maker in the U.S. market has also shrunk by about 33 percentage points over the past five years. On a yearly basis during the January to May periods, the gap between Tesla’s and the two Korean automakers’ shares of the U.S. EV market stood at 73.2 percentage points in 2020, 65.4 percentage points in 2021, 55.5 percentage points in 2022, 52.9 percentage points in 2023 and 40.5 percentage points this year.
EVs are expanding their presence in Hyundai Motor Group’s eco-friendly vehicle portfolio. Hyundai Motor Group is the parent company of Hyundai and Kia. From January through May, EVs accounted for nearly 40 percent of Hyundai-Kia’s total eco-friendly vehicle sales (122,562 units) in the United States. From 17.2 percent in 2020, the share steadily climbed to 21.6 percent in 2021 and 37 percent in 2022, before inching down to 27.6 percent in 2023 and reaching 39.9 percent this year.
Hyundai’s and Kia’s strong performance in the U.S. EV market is attributed to incentive programs and new EV model launches. In particular, the Kia EV9 launched late last year sold 7,766 units from January to May this year, contributing to a spike in Hyundai Motor Group’s EV sales in the United States.
