Hyundai Motor Group Was America’s No. 2 EV Maker In 2024 Behind Tesla

Final summer time, as many rivals have been backing off their electrical car plans as gross sales proved to be rising much less shortly than anticipated, Korea’s Hyundai Motor Group was singing a unique tune. “We’re gonna maintain our foot on the accelerator” is what Hyundai Motor America CEO Randy Parker informed me in an interview. Now that 2024’s gross sales information is in, it actually looks like that push paid off.

In keeping with the most recent information from Cox Automotive’s Kelly Blue Ebook, the mixed gross sales of the three Hyundai Motor Group manufacturers—Hyundai, Kia and Genesis—despatched the conglomerate to the coveted no. 2 spot behind Tesla in U.S. EV gross sales in 2024. 

This was a decent gross sales race that we had been following carefully final 12 months, particularly because the race more and more got here right down to Common Motors and the Hyundai group. In the long run, Hyundai’s manufacturers pulled forward with a collective 124,065 absolutely electrical gross sales. That quantity doesn’t depend hybrid or plug-in hybrid gross sales, the place the Korean manufacturers are additionally seeing sturdy development.

Photograph by: InsideEVs

By comparability, GM’s manufacturers that promote EVs within the U.S.—Chevrolet, GMC, Cadillac and the BrightDrop van division that simply received merged into Chevy—moved 114,426 EVs in 2024. As a number of folks identified, had GM continued Chevrolet Bolt EV and EUV manufacturing till the brand new one made its debut this 12 months, it could have most likely far exceeded Hyundai, however that is the sport. 

This additionally made each GM and Hyundai the primary automakers since Tesla to ever promote 100,000 or extra EVs within the U.S. Ford got here awfully shut, with the F-150 Lightning, E-Transit van and Mustang Mach-E netting 97,865 EV gross sales. 

Nonetheless, all of those corporations have been a really distant second, third or fourth to Tesla, which regardless of seeing a decline in gross sales nonetheless ended 2024 with a projected 633,762 EVs bought in America. For Hyundai, the Ioniq 5 led the way in which in gross sales, however the Mach-E stored its crown as America’s best-selling non-Tesla EV but once more. If the up to date Telsa Mannequin Y makes its debut right here this 12 months as anticipated, it might change the equation much more. 

As we have famous beforehand, regardless of widespread media stories of the EV market crashing, 2024 was one other file 12 months for electrical gross sales in America. The issue is that gross sales haven’t taken off as shortly because the auto trade as soon as projected. Practically all of them nonetheless wrestle with ramping up EV manufacturing, battery prices, unclear points round tariffs and sourcing supplies from China and our still-inadequate charging infrastructure. However EVs stay the fastest-growing new automotive section and made up 8% of complete new gross sales in 2024; this 12 months, one in 4 new automobiles bought are anticipated to be electrified ultimately, as hybrids or EVs.

Photograph by: InsideEVs

Now, the query is that this: which automaker can keep this momentum into 2025? As I mentioned above, the up to date Mannequin Y ought to be capable of do what the now-sagging Cybertruck couldn’t, though its reputation could show to be the final word barometer about how folks really feel about Elon Musk lately. GM has a number of new electrical Cadillac fashions set to debut. And if it could make good on releasing the 2026 Chevy Bolt by the tip of this 12 months, and it is priced nicely, it might significantly transfer the needle in GM’s favor.

However Hyundai’s going greater and bolder in 2025 as nicely. There’s the brand new 2025 Hyundai Ioniq 5, which is supplied with a Tesla-style plug and now even comes with a ChargePoint charger customary. It is constructed within the U.S. as nicely, and whereas it doesn’t but qualify for EV tax credit, it’s anticipated to—supplied that system survives the incoming Trump administration. There’s additionally the U.S.-built Ioniq 9 three-row SUV and up to date Kia EV6, each additionally sporting Tesla-style plugs, and a few up to date new Genesis EVs as nicely. The Kia EV3 remains to be considerably TBD on its U.S. launch date, sadly, but when that is priced nicely right here it too needs to be a giant driver of quantity. 

Photograph by: InsideEVs

Lastly, it is price noting that Hyundai’s manufacturers moved lots of electrical automobiles with extraordinarily beneficiant lease offers. Whether or not it could maintain these going, particularly if tax credit go away, stays to be seen. However both manner, 2025 kicks off with Hyundai because the non-Tesla automaker to beat in 2025. We’ll see who’s received what it takes because the 12 months goes on.

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