Final summer time, whereas many rivals have been tempering their electrical car (EV) methods as a consequence of slower-than-expected gross sales, Hyundai Motor Group was forging forward. “We’re gonna maintain our foot on the accelerator,” acknowledged Randy Parker, CEO of Hyundai Motor America, in an interview. Wanting on the 2024 gross sales knowledge now, it seems this method has confirmed profitable.
Latest figures from Cox Automotive’s Kelly Blue Ebook reveal that the mixed gross sales of Hyundai, Kia, and Genesis propelled the group to the second place in U.S. EV gross sales for 2024, trailing solely Tesla.
The gross sales competitors was carefully monitored final yr, significantly because it grew to become a contest between Common Motors (GM) and Hyundai. In the end, Hyundai’s manufacturers achieved a complete of 124,065 totally electrical car gross sales, not accounting for hybrid or plug-in hybrid gross sales, that are additionally climbing steadily.
In distinction, GM, which incorporates Chevrolet, GMC, Cadillac, and the newly merged BrightDrop van division, offered 114,426 EVs in 2024. A number of analysts famous that had GM continued producing the Chevrolet Bolt EV and EUV till the brand new fashions launched this yr, their gross sales may have surpassed these of Hyundai.
Each GM and Hyundai grew to become the primary automakers since Tesla to promote over 100,000 EVs within the U.S. Ford made important strides as nicely with its F-150 Lightning, E-Transit van, and Mustang Mach-E, totaling 97,865 EV gross sales.
Nonetheless, all these manufacturers nonetheless lag far behind Tesla, which, regardless of a gross sales dip, is projected to finish 2024 with roughly 633,762 EVs offered within the U.S. Hyundai’s Ioniq 5 led its gross sales, whereas the Mustang Mach-E retained its title as America’s best-selling non-Tesla EV. The anticipated launch of an up to date Tesla Mannequin Y later this yr may additional shift the market dynamics.
Opposite to widespread media narratives suggesting a crash within the EV market, 2024 truly marked one other record-breaking yr for electrical car gross sales in America. Challenges stay, akin to ramping up manufacturing, managing battery prices, navigating tariffs, sourcing supplies from China, and insufficient charging infrastructure. Nonetheless, EVs proceed to be the fastest-growing phase in new automotive gross sales, comprising 8% of complete gross sales in 2024, with expectations of 1 in 4 new vehicles offered being electrified in some type, both as hybrids or EVs, this yr.
The urgent query now could be which automaker will maintain this momentum into 2025. The up to date Mannequin Y is predicted to outperform the struggling Cybertruck, whereas GM has a number of new electrical Cadillac fashions slated for launch. If GM can efficiently launch the 2026 Chevy Bolt by the tip of this yr, and value it competitively, it may considerably impression its gross sales figures.
Hyundai, too, is planning bold strikes for 2025. The brand new 2025 Hyundai Ioniq 5 is about to characteristic a Tesla-style plug and can embody a ChargePoint charger as normal. It is being produced within the U.S. and, though it at present doesn’t qualify for EV tax credit, it’s anticipated to take action—assuming the present tax credit score construction stays intact amid the incoming Trump administration. Moreover, the U.S.-built Ioniq 9 three-row SUV, up to date Kia EV6, and new Genesis EVs are all on the horizon. Whereas the discharge date for the Kia EV3 within the U.S. continues to be unsure, its aggressive pricing may contribute considerably to gross sales.
It’s also essential to notice that Hyundai’s manufacturers have achieved notable gross sales partly by attractive lease offers. The long run viability of those offers, particularly if tax credit are eradicated, stays to be seen. As 2025 approaches, Hyundai is positioned because the non-Tesla automaker to look at. Solely time will inform who can rise to the event because the yr unfolds.
For additional inquiries, please attain out to the creator at patrick.george@insideevs.com.
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