Hyundai Motor Co. and Kia Corp. are on track to sell over 100,000 electric vehicles (EVs) in the United States this year, marking a significant milestone despite the challenges in the global EV market.
From January to September, the two South Korean automakers reported combined sales of 91,348 EVs in the U.S., a 30.3% increase from 71,111 units during the same period in 2023. Hyundai sold 48,297 units, reflecting a year-on-year growth of 4.5%, while Kia’s sales surged by 80.3% to 43,051 units.
The automakers averaged over 10,000 units in monthly sales for the first nine months, suggesting they could surpass the 100,000-unit mark as early as October. Projections indicate that they may sell approximately 120,000 units in 2024, surpassing their previous record of 94,340 units set in 2023.
While Hyundai’s sales growth has moderated, Kia has gained traction with the introduction of new models, particularly the EV9, a large electric sports utility vehicle (SUV).
Since the launch of the Kia Soul EV in the U.S. market in 2014, combined EV sales for Hyundai and Kia had stagnated between 1,000 to 2,000 units annually until 2018. However, the introduction of models like the Kona Electric and the Niro EV helped elevate their annual sales beyond 10,000 units in 2021. The release of the IONIQ 5 and EV6, both built on the dedicated Electric-Global Modular Platform (E-GMP), further propelled their sales, beginning in 2022.
The best-selling model for Hyundai and Kia through September was the Hyundai IONIQ 5, with sales reaching 30,318 units, a 19.8% increase from the same timeframe in 2023. By year-end, IONIQ 5 sales are projected to exceed the previous year’s total of 33,918 units. Meanwhile, Kia’s EV6 sales rose 8.0% year-on-year to 15,985 units, while the flagship EV9, which features three rows of seating, recorded sales of 15,970 units.
The sales trend for Hyundai and Kia’s EVs is expected to gain substantial momentum with the commencement of volume production at the Hyundai Motor Group Metaplant America (HMGMA) in Georgia. The plant is currently in the pilot production phase and is anticipated to produce over 300,000 units annually across six or seven models, including the Hyundai IONIQ series.
