Hyundai Motor Group has achieved a big milestone within the U.S. electrical automobile (EV) market, capturing a ten% market share from January to July 2023. This exceptional achievement locations Hyundai, alongside its sister manufacturers Kia and Genesis, firmly within the second place behind Tesla, which continues to dominate the market with a 50.8% share throughout the identical interval, in response to knowledge from U.S. automotive analysis agency Motor Intelligence.
Hyundai’s Development Pushed by E-GMP Platform
The surge in Hyundai Motor Group’s market share is primarily pushed by the robust gross sales efficiency of fashions constructed on its devoted EV platform, the Electrical-International Modular Platform (E-GMP). The Hyundai IONIQ 5, a standout in Hyundai’s lineup, offered 18,728 items, capturing a 3.6% market share from January to June 2023. This spectacular gross sales quantity secured the IONIQ 5 the fourth place in model-specific gross sales, as reported by Kelley Blue Ebook.
The Hyundai IONIQ 6 additionally demonstrated vital development, with 6,912 items offered, almost doubling the three,245 items offered in the identical interval final yr. Moreover, Kia’s EV6 reached a big milestone by surpassing 10,000 items in half-year gross sales for the primary time, with 10,941 items offered.
Tesla’s Market Share Declines, Hyundai Expands Lead Over Rivals
Whereas Tesla maintains its lead within the U.S. EV market, it has skilled a noticeable decline in its market share, dropping from 70% in 2022 to 60% in 2023. Within the second quarter of 2023, Tesla’s market share fell under 50% for the primary time, recording 49.7%. This decline has offered Hyundai Motor Group with a chance to broaden its lead over different opponents. Hyundai now has a cushty margin over third-place Ford, which holds a 7.4% market share, and fourth-place Basic Motors (GM), with a 6.3% share.
Dedication to U.S. EV Market Amid Challenges
Regardless of the latest issues within the EV market, together with demand slowdowns and fireplace incidents, Hyundai Motor Group stays steadfast in its dedication to strengthening its presence within the U.S. EV market. The corporate plans to unveil its massive electrical SUV, the IONIQ 9, on the LA Auto Present in November 2024. The IONIQ 9, which is positioned in the identical class because the Kia EV9, was first launched as an idea automobile named ‘Seven’ on the 2021 LA Auto Present. Initially anticipated to be named IONIQ 7, the mannequin is now confirmed to be branded because the IONIQ 9, reflecting its class parity with the EV9.
Business Recognition and Future Prospects
Motor Intelligence has highlighted the importance of Hyundai’s achievement, stating, “Hyundai, Kia, and Genesis collectively held a ten% market share within the U.S. EV market from January to July, rating second behind Tesla, which held 50.8%.” Kelley Blue Ebook additionally emphasised the success of the IONIQ 5, noting, “The IONIQ 5 offered 18,728 items (3.6% market share) from January to June this yr, rating fourth in model-specific gross sales.”
Hyundai Motor Group continues to innovate and broaden its EV choices, with the upcoming launch of the IONIQ 9 or KIA EV3, and the long run introduction of E-GMP primarily based up to date fashions like IONIQ 5 or EV6 facelift fashions, with bigger battery packs and US-made, which can enable the Group to entry to authorities rebates.
Conclusion
Hyundai Motor Group’s achievement of a ten% market share within the U.S. EV market marks a big milestone within the firm’s journey in the direction of changing into a significant participant within the world electrical automobile trade. With a robust lineup of automobiles primarily based on the E-GMP platform and a dedication to innovation, Hyundai is poised to proceed its upward trajectory and problem the trade’s established leaders.