Hyundai Motor Group Simply Hit A Main EV Gross sales Milestone

Final summer season, as many rivals had been backing off their electrical car plans as gross sales proved to be rising much less shortly than anticipated, Korea’s Hyundai Motor Group was singing a special tune. “We’re gonna maintain our foot on the accelerator” is what Hyundai Motor America CEO Randy Parker instructed me in an interview. Now that 2024’s gross sales information is in, it definitely looks as if that push paid off.

Based on the newest information from Cox Automotive’s Kelly Blue Ebook, the mixed gross sales of the three Hyundai Motor Group manufacturers—Hyundai, Kia and Genesis—despatched the conglomerate to the coveted no. 2 spot behind Tesla in U.S. EV gross sales in 2024. 

This was a decent gross sales race that we had been following carefully final 12 months, particularly because the race more and more got here right down to Basic Motors and the Hyundai group. In the long run, Hyundai’s manufacturers pulled forward with a collective 124,065 totally electrical gross sales. That quantity doesn’t rely hybrid or plug-in hybrid gross sales, the place the Korean manufacturers are additionally seeing sturdy development.

Picture by: InsideEVs

By comparability, GM’s manufacturers that promote EVs within the U.S.—Chevrolet, GMC, Cadillac and the BrightDrop van division that simply bought merged into Chevy—moved 114,426 EVs in 2024. As a number of individuals identified, had GM continued Chevrolet Bolt EV and EUV manufacturing till the brand new one made its debut this 12 months, it will have most likely far exceeded Hyundai, however that is the sport. 

This additionally made each GM and Hyundai the primary automakers since Tesla to ever promote 100,000 or extra EVs within the U.S. Ford got here awfully shut, with the F-150 Lightning, E-Transit van and Mustang Mach-E netting 97,865 EV gross sales. 

Nonetheless, all of those corporations had been a really distant second, third or fourth to Tesla, which regardless of seeing a decline in gross sales nonetheless ended 2024 with a projected 633,762 EVs bought in America. For Hyundai, the Ioniq 5 led the best way in gross sales, however the Mach-E stored its crown as America’s best-selling non-Tesla EV but once more. If the up to date Telsa Mannequin Y makes its debut right here this 12 months as anticipated, it might change the equation much more. 

As we have famous beforehand, regardless of widespread media studies of the EV market crashing, 2024 was one other report 12 months for electrical gross sales in America. The issue is that gross sales haven’t taken off as shortly because the auto business as soon as projected. Almost all of them nonetheless battle with ramping up EV manufacturing, battery prices, unclear points round tariffs and sourcing supplies from China and our still-inadequate charging infrastructure. However EVs stay the fastest-growing new automotive section and made up 8% of whole new gross sales in 2024; this 12 months, one in 4 new automobiles bought are anticipated to be electrified indirectly, as hybrids or EVs.

Picture by: InsideEVs

Now, the query is that this: which automaker can preserve this momentum into 2025? As I stated above, the up to date Mannequin Y ought to be capable to do what the now-sagging Cybertruck couldn’t, though its reputation might show to be the final word barometer about how individuals really feel about Elon Musk nowadays. GM has a number of new electrical Cadillac fashions set to debut. And if it could possibly make good on releasing the 2026 Chevy Bolt by the top of this 12 months, and it is priced effectively, it might significantly transfer the needle in GM’s favor.

However Hyundai’s going greater and bolder in 2025 as effectively. There’s the brand new 2025 Hyundai Ioniq 5, which is provided with a Tesla-style plug and now even comes with a ChargePoint charger normal. It is constructed within the U.S. as effectively, and whereas it doesn’t but qualify for EV tax credit, it’s anticipated to—offered that system survives the incoming Trump administration. There’s additionally the U.S.-built Ioniq 9 three-row SUV and up to date Kia EV6, each additionally sporting Tesla-style plugs, and a few up to date new Genesis EVs as effectively. The Kia EV3 remains to be considerably TBD on its U.S. launch date, sadly, but when that is priced effectively right here it too needs to be a giant driver of quantity. 

Picture by: InsideEVs

Lastly, it is value noting that Hyundai’s manufacturers moved a variety of electrical automobiles with extraordinarily beneficiant lease offers. Whether or not it could possibly maintain these going, particularly if tax credit go away, stays to be seen. However both approach, 2025 kicks off with Hyundai because the non-Tesla automaker to beat in 2025. We’ll see who’s bought what it takes because the 12 months goes on.

Contact the writer: [email protected]