Hyundai Motor Group, adding Kia and Genesis, is taking the U. S. electric vehicle market through a typhoon this year. After achieving double-digit market share, Hyundai continued to close the gap on Tesla as the second largest electric vehicle logo in the United States. until July.
During the first seven months of 2024, Hyundai, Kia, and Genesis accounted for 10% of the U. S. vehicle market. Hyundai surpassed Ford (7. 4%) and GM (6. 3%), according to Motor Intelligence.
Tesla’s share of the U. S. electric vehicle market isThe U. S. fell below 50% for the first time in the second quarter. Tesla accounted for 49. 7% of EV sales in the United States in the second quarter as new models hit the market.
Although sales of the IONIQ 5 and 6 declined last month, they are still up 25% and 54%, respectively, so far this year. Meanwhile, sister company Kia continued its record performance in July after electric vehicle sales nearly doubled since the start of the year.
Kia’s new EV9, its first three-row electric SUV, is a major component of its growth. According to Kelley Blue Book, Kia EV9 sales surpassed those of Toyota bZ4X, VW ID. 4, Nissan Ariya, Rivian R1T, and Tesla Model. S in the United States in the first component of 2024. They even surpassed sales of Kia’s Niro EV.
Hyundai’s luxury brand, Genesis, remains a dark horse in the United States electric vehicle market. Genesis is being developed in the United States.
After adding 21 committed stores in the United States this year and adding in 8 new states, Genesis recently announced that it now has 56 standalone facilities.
“In two short years, Genesis’ retail presence has grown from one committed retail location in Louisiana to 56 retail locations nationwide,” said Claudia Marquez, chief operating officer of Genesis North America.
Hyundai, Kia and Genesis continue to gain ground in the United States with some of the most fuel-efficient electric cars on the market. Hyundai and Kia represent eight of the ten most fuel-efficient electric cars in the United States in 2024.
Hyundai Motor and its suppliers are investing heavily in the United States, its largest sales market (North America). The company will open its Hyundai Motor Group Metaplant America (HMGMA) later this year in Georgia.
Hyundai has invested around $7. 6 billion, creating around 8,500 jobs. However, through its suppliers, Metaplant is expected to obtain more than $12. 6 billion in financing.
According to the Center for Automotive Research (CAR), there are plans to create more than 50,000 new positions in the state.
Georgia granted the automaker its own “Hyundai Day” on February 26, 2024. Hyundai has accelerated the structure to allow electric cars made at the plant to take advantage of the $7,500 tax credit.
Hyundai has transferred the lease credit, which accounts for 60% of its EV lineup. Although LG Energy Solution’s battery component is not expected to come online before the end of 2025, Hyundai is expected to source batteries from its Hungarian plant in the meantime.
A second battery plant with SK On in Bartow County, Georgia, will transport batteries to Montogomery, Alabama, Hyundai, where the Genesis Electrified GV70 is built, and Kia’s plant in West Point, where the new EV9 is built.
Kia began production of the EV9 in Georgia in May. This will be the first model to benefit from the credit, as deliveries of the American-made EV9 are scheduled for October.
Until then, Kia is offering discounts on the EV9. According to Motor Intelligence, discounts on the Kia EV9 reached more than $18,000 in June.
Metplant is expected to open in October. Hyundai’s new and updated 202five IONIQ five will be the first to be assembled.
Hyundai is also expected to introduce its first three-row SUV, the IONIQ 9. Hyundai’s largest SUV would have to be built with those amenities to qualify for the vehicle tax credit.
I’m not surprised at all. Whenever you hear news about Hyundai, it’s rarely negative because they’ve worked to improve. The Ioniq five is wonderful, and then they released the fiveN, which I think is another success. The Ioniq 6 is decent, but they listened to consumers and constant stuff that other people didn’t like for the next style update. This speaks volumes in a market where some automakers think they can launch anything and other people will buy it. Here are your Toyota and Subaru for this BZ4X and Solterra. Companies that take consumers seriously will succeed. I’ve noticed some wonderful examples in Hyundai and Kia. I’m sure there are more, but keep it up.
Meanwhile, Genesis will also launch its flagship electric SUV. The ultra-luxurious Genesis GV90 is expected to expand the logo to rival Rolls Royce and Bentley.
With the launch of new models and the opening of Metaplant later this year, Hyundai will be a logo to watch in 2025.
Update 8/20/24: Hyundai is expected to launch a Santa Fe electric SUV and a new EV pickup for the United States, but it may not be what you expected (read more here).
Source: Automotive News
Peter Johnson covers the automotive industry’s step-by-step transformation to electric vehicles. He is an experienced investor, money enthusiast and electric vehicle enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is one of the main reasons he pursued a career in investing. If he doesn’t tell you about his latest discoveries in the 10K, you can find him enjoying the outdoors or running.