Summary
- Hyundai and Kia posted record-breaking electric and hybrid sales in September and Q3 of 2024
- Kia saw 56,047 new vehicle sales in September with record-setting sales of electrified models
- Hyundai saw total September sales of 62,491 cars with strong demand for hybrids, setting records for multiple hybrid models
- Hyundai Ioniq 5 sales slightly down from 2023, while Ioniq 6 sales dropped 64% in September
- Charging anxiety is real for customers, and Hyundai and Kia are ramping up U.S. production of EVs to qualify for tax credits and expand availability
Article
Record-Breaking Electric and Hybrid Sales for Korean Duo in September and Q3 of 2024
In September and the third quarter of 2024, Hyundai and Kia reported record-breaking electric and hybrid vehicle sales, outperforming other automakers in the U.S. market. Despite challenges faced by the auto industry, such as high prices and interest rates, the two Korean brands saw significant success in their electrified vehicle sales.
Kia’s Electrified Models Driving Sales Growth
Kia reported record-setting sales of its electric and hybrid vehicles, with a 43% increase in EVs and an 11% increase in PHEVs year-over-year. While overall new vehicle sales for Kia were down by 17%, the brand’s EVs, particularly the EV9, showcased strong performance. The EV9 saw its third-best sales month ever in September, with a total of 2,096 models sold. Additionally, the EV6 and EV9 combined to reach over 30,000 units on the road, demonstrating Kia’s commitment to electrification.
Hyundai’s Success with Hybrid Models
Hyundai also experienced strong demand for its hybrid models, with total sales records for models like the Santa Fe HEV and Tucson HEV in September. The automaker reported a 36% increase in hybrid vehicle sales, indicating a growing preference for electrified options among consumers. Sales of the popular Ioniq 5, while slightly lower than the previous year, showed a significant increase year-over-year, with 30,318 units sold so far in 2024.
Challenges Faced by Hyundai and Kia
Despite their success in the electric and hybrid segment, Hyundai and Kia faced challenges in certain areas. Sales of the Ioniq 6, a sedan model, experienced a decline of 64% in September compared to the previous year. However, the brands are optimistic about future prospects, with plans to ramp up U.S. production of their EVs, including the 2025 Ioniq 5 and EV9. This shift towards local production aims to make these vehicles more accessible to American consumers.
Consumer Trends towards Hybrid and EVs
The growing demand for electrified vehicles among American consumers reflects a broader shift towards more sustainable transportation options. With increasing concerns about climate change and rising fuel prices, hybrids and EVs are becoming more appealing to those looking for environmentally friendly alternatives. Both Hyundai and Kia are poised to capitalize on this trend with a diverse range of electrified models in their lineup.
Future Outlook for the Korean Automakers
As Hyundai and Kia continue to invest in electrification and expand their portfolio of hybrid and electric vehicles, they are well-positioned to meet the evolving needs of the market. By offering competitive pricing, innovative technology, and strong performance, the Korean duo is set to maintain their leadership in the electric and hybrid segment. With a focus on sustainability and customer satisfaction, Hyundai and Kia are driving towards a greener future in the automotive industry.
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