The Hyundai Motor Group, which includes Kia, is making significant strides in the US electric vehicle (EV) market, steadily closing the gap with Tesla. Following a record start to 2024, Hyundai and Kia combined accounted for 11.2% of all EVs sold in the US through May.
Both Hyundai and Kia have been gaining traction in the market with their lineup of affordable and fuel-efficient electric cars. Hyundai boasts six of the top ten most fuel-efficient EVs (by trim) in 2024, while Kia’s EV6 also made the list. Offering features like over 300 miles of range, fast charging in under 20 minutes, and competitive pricing, the Korean automakers are making a strong impression in the US market.
Data from the Korean Automobile & Mobility Association (via BusinessKorea) reveals that Hyundai Motor sold 48,383 EVs in the US through May, accounting for 11.2% of the market share. This marks a significant increase from Hyundai’s market share of 3.2% in 2020, 3.4% in 2021, 10.6% in 2022, and 6.8% in 2023.
While Tesla still holds a sizable lead, with a 40.5% market share through May 2024, Hyundai and Kia are closing the gap. This is a notable shift from the previous year when Tesla led by 52.9% over Hyundai.
Despite some US automakers scaling back their EV initiatives, Hyundai shows no signs of slowing down. The Korean automaker’s success in outpacing rival automakers in the US EV market indicates that their approach is resonating with consumers.
