Hyundai Motor Group hits double-digit EV market share in the US

Hyundai Motor Group, which includes Kia and Genesis, has achieved a significant milestone by capturing a 10% share of the US electric vehicle (EV) market as of July 2024. This positions Hyundai as the second-largest EV brand in the US, surpassing Ford and GM. Tesla's market share has dipped below 50% for the first time, now at 49.7%. Despite a decline in sales for the IONIQ 5 and 6, their year-to-date sales have increased by 25% and 54%, respectively. Kia's new EV9, a three-row electric SUV, has contributed to its record sales, outperforming several competitors. Genesis is also expanding its presence in the US, with a rapid increase in dedicated retail facilities. Hyundai is investing heavily in the US market, with plans to open the Hyundai Motor Group Metaplant America in Georgia, creating approximately 8,500 jobs and attracting over $12.6 billion in funding. The plant is expected to produce new models, including the updated IONIQ 5 and the IONIQ 9, which will qualify for tax credits. Kia has begun production of the EV9, which will also be eligible for these credits. With new models and the Metaplant's opening, Hyundai is poised for further growth in the EV sector.

- Hyundai Motor Group has reached a 10% share of the US EV market.

- Tesla's market share has fallen below 50% for the first time.

- Kia's EV9 has significantly boosted its sales performance.

- Hyundai is investing $7.6 billion in a new plant in Georgia, creating thousands of jobs.

- New models from Hyundai and Kia are set to qualify for EV tax credits.