Hyundai Motor Group Rises to Second-Largest Player in US EV Market Despite Protectionism Concerns

Key Highlights :

1. Hyundai Motor Group is the second-largest player in the U.S. market for electric vehicles (EVs).

2. The company's smaller co-affiliate, Kia, accounted for 2.7 percent of the U.S. EV market.

3. Their combined market share came to 7.5 percent, or 64,000 vehicles.

4. In the first nine months, overall EV registrations in the U.S. jumped 61 percent year-on-year to 852,904.

5. Automotive News expected EV registrations in the world's most important car market will exceed 1 million for the first time this year if EV sales continue to rise.

     The electric vehicle (EV) market is booming in the United States, and Hyundai Motor Group is rising to the top despite concerns about Washington’s protectionism policy. According to data from U.S. magazine Automotive News, Hyundai Motor Co. took up 4.8 percent of the U.S. EV market in the January-September period, while its smaller co-affiliate Kia accounted for 2.7 percent. Their combined market share came to 7.5 percent, or 64,000 vehicles, taking up the second-largest slice of the U.S. EV market following Tesla, which posted a 57.4 percent share, or 489,000 vehicles.

     Overall EV registrations in the U.S. jumped 61 percent year-on-year to 852,904 in the first nine months of the year, and Automotive News expects that number to exceed 1 million for the first time this year. Hyundai’s performance is particularly impressive considering the U.S. Inflation Reduction Act (IRA), which provides tax credits of up to $7,500 to purchasers of electric vehicles that are assembled in North America. Currently, all Hyundai and Kia EVs sold in the North American market are manufactured in South Korea, making them ineligible to receive the credits.

     However, Hyundai and Kia EVs can qualify for the support when used for commercial purposes, such as leasing. This has allowed Hyundai to remain competitive in the U.S. market despite the tax credit issue. Hyundai has also been investing heavily in research and development, with plans to launch 11 new EVs by 2025. The company is also focusing on developing autonomous driving technology and has recently announced a partnership with Aurora, a self-driving technology company.

     Hyundai’s success in the U.S. EV market is a testament to the company’s commitment to innovation and customer satisfaction. Despite the challenges posed by Washington’s protectionism policy, Hyundai is proving that it can remain a major player in the U.S. EV market. This is good news for the environment and for the future of electric vehicles.

Continue Reading at Source : koreatimes