Hyundai Motor Group ranked second in the U.S. electric vehicle (EV) market in the January-September period of this year.
The group accounted for 9 percent of the U.S. EV market during the period — Hyundai Motor Co. took up 4 percent, placing fourth, while Kia Corp. controlled 5 percent, ranking third, according to S&P Global Mobility. The top spot was taken by Tesla with a share of 65 percent, with second place going to Ford with 7 percent. Chevrolet tied for fourth place with Hyundai Motor Co.
In the Volkswagen Group, Audi and Volkswagen recorded a market share of 2 percent each.
In the mass-produced EV market without Tesla, Hyundai and Kia took the top spot with a combined share of 35 percent. Ford (28 percent) came in second, Chevrolet (16 percent) third, and Volkswagen (8 percent) fourth. By brand, Kia (19 percent) ranked second after Ford, and Hyundai Motor (16 percent) fourth.
S&P Global Mobility said new EV models from Hyundai Motor Co., Kia, and Volkswagen have joined mainstream brands, which were previously represented by Ford, Chevrolet, and Nissan.
Hyundai Motor Co. and Kia sold EVs exported from Korea without those produced in the United States. Although facing some negative factors such as shortages in parts supply, the two Korean automakers landed at high places of the rankings, according to S&P Global Mobility.
In particular, a significant number of U.S. consumers who purchased the IONIQ 5 had previously owned Japanese vehicles. Market analysts say that this means that the IONIQ 5 beat Japanese brands even though the Korean EV model was sold only in some regions in the United States. The top five vehicles previously owned by the US buyers of the IONIQ 5 were the Toyota RAV4, the Honda CR-V, the Mazda CX-5, and the Subaru Forester. Those who had bought American brand vehicles such as the Chevrolet Volt and Jeep Wrangler also chose the IONIQ 5.
S&P Global Mobility predicted that Hyundai Motor’s and Kia’s cumulative battery electric vehicle (BEV) sales will reach 5.25 million units in the 2022-2034 period. This means that it will outsell prominent competitors such as Volkswagen, the Nissan-Mitsubishi-Renault Alliance, Honda, BMW and Mercedes-Benz. It will place fifth after Tesla (11.15 million units), GM (10.61 million units), Ford (8.54 million units), Stellantis (6.77 million units), and Toyota (5.93 million units).
