Summary
- Hyundai Motor Group is now the number 2 spot behind Tesla in U.S. EV sales in 2024
- Hyundai’s brands surpassed GM’s brands in EV sales with a collective 124,065 fully electric sales
- GM and Hyundai were the first automakers since Tesla to sell 100,000 or more EVs in the U.S. in 2024
- The Ioniq 5 led sales for Hyundai, but the Mach-E was still the best-selling non-Tesla EV
- Hyundai is planning to maintain momentum in 2025 with new EV models and generous lease deals
Article
Hyundai Motor Group’s Success in the U.S. Electric Vehicle Market
In 2024, Hyundai Motor Group, which includes brands like Hyundai, Kia, and Genesis, saw significant success in the U.S. electric vehicle market. Despite the challenges faced by other automakers, the Hyundai group managed to secure the second spot behind Tesla in EV sales. This achievement was the result of a strategic push by the group to accelerate the adoption of electric vehicles.
Comparison with General Motors and Ford
The tight sales race between Hyundai Group and General Motors was closely followed in the industry. In the end, Hyundai’s brands emerged victorious with over 124,000 fully electric vehicle sales. This surpassed GM’s performance in the U.S. market. However, both automakers, along with Ford, fell behind Tesla, which remained the dominant player in the electric vehicle space.
Record Year for Electric Vehicle Sales
Despite challenges and projections of a crashing market, 2024 turned out to be another record year for electric vehicle sales in America. The market share of electric vehicles continued to grow, reaching 8% of total new sales. This trend is expected to continue in 2025, with one in four new cars sold projected to be electrified in some way, whether hybrids or EVs.
Future Prospects for Hyundai and Other Automakers
Looking ahead to 2025, the competition in the electric vehicle market is expected to intensify. Tesla’s updated Model Y and GM’s new electric Cadillac models are set to make an impact. Hyundai is also poised to maintain its momentum with the launch of new electric vehicles, including the 2025 Hyundai Ioniq 5, the U.S.-built Ioniq 9 three-row SUV, and the updated Kia EV6. These models, equipped with Tesla-style plugs, aim to attract a wider consumer base.
Impact of Incentives and Lease Deals
Hyundai’s success in the electric vehicle market was partly attributed to generous lease deals offered on their electric cars. As the industry transitions and tax incentives may potentially change, the future of these deals remains uncertain. Going into 2025, Hyundai is positioned as a strong contender in the non-Tesla automaker category. The company’s ability to adapt and innovate will be crucial in maintaining its leading position.
Conclusion
The electric vehicle market in the U.S. is evolving rapidly, with Hyundai Motor Group emerging as a notable player alongside Tesla. The success of Hyundai’s electric vehicle sales in 2024 showcased the company’s commitment to sustainable mobility. With ambitious plans for new electric vehicle launches in 2025, Hyundai aims to build on its achievements and solidify its position as a key player in the electrified automotive industry. As competition increases and consumer preferences shift towards electric vehicles, the coming years will be crucial for automakers to adapt and thrive in the evolving market landscape.
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