South Korean giants Hyundai Motor Company and Kia Corporation are revving up the US electric vehicle (EV) market, capturing the largest market share in the first five months of 2024. According to data compiled by the Korea Automobile Manufacturers Association, the combined sales of Hyundai and Kia EVs accounted for an impressive 11. 2% of the US market, translating to 48, 838 units sold.
This significant achievement marks a substantial leap from their previous performances. In 2023, Hyundai and Kia held a 6. 8% share, and in 2022, it was 10. 6%. The data reveals a steady and strategic climb for the Korean automakers, especially considering their position in 2020. Back then, they only managed a modest 3. 2% share, trailing far behind the dominance of US giant Tesla.
The surge in sales indicates a successful strategy by Hyundai and Kia. They've narrowed the gap with Tesla significantly, with the current difference sitting at a much closer 40. 5 percentage points compared to the vast 73. 2 points in 2020. This trend suggests that American consumers are increasingly receptive to the Korean EVs on offer.
A contributing factor to this growth is likely the expanding range of electric models offered by both Hyundai and Kia. The report highlights that nearly 40% of the eco-friendly vehicles sold by the Korean automakers in the US during the five-month period were electric. This represents a significant increase from the 17. 2% reported in 2020. This broader selection likely caters to a wider range of consumer preferences and budgets, potentially swaying buyers towards Korean EVs.
The success of Hyundai and Kia in the US EV market reflects a global trend towards electric mobility. As governments around the world implement stricter emission regulations and consumers become more environmentally conscious, the demand for EVs is expected to continue rising. Hyundai and Kia are well-positioned to capitalize on this trend, with their growing market share in the US serving as a strong indicator of their future potential.