Hyundai Claims 10% of US EV Market, Closing the Gap with Tesla in 2024

With a 10% market share in the US electric vehicle industry, Hyundai Motor Group has emerged as a formidable competitor to Tesla, retaining its spot as the second-largest EV brand.

Hyundai Maintains Strong US Market Position

This year, the electric vehicle industry in the United States has been dominated by Hyundai Motor Group brands, including Kia and Genesis. Following a market share in the double digits, Hyundai maintained its position as the second-largest US EV brand, after Tesla, right up to July.

Ten percent of the electric vehicle market in the United States was made up by Hyundai, Kia, and Genesis in the first seven months of 2024. As per Motor Intelligence, Hyundai achieved a higher rate of success than both Ford (7.4%) and GM (6.3%).

Per Electrek, for the first time ever, in the second quarter, Tesla's share in the US EV market fell below 50%. When new Tesla models were released in the US market in Q2, the company accounted for 49.7 percent of all EV sales.

Monthly sales of the IONIQ 5 fell, but year-to-date sales are up 25% and 54%, respectively. After seeing a year-to-date doubling of electric vehicle sales, sister company Kia maintained its record-setting performance in July.

Kia's EV9 Leads Sales Surge in US Market

This expansion is largely attributable to the new EV9, Kia's first three-row electric SUV. Sales of the Kia EV9 surpassed those of the Toyota bZ4X and Volkswagen ID.4, Nissan Ariya, Rivian R1T, and Tesla Model S in the United States up to the middle of 2024, as reported by Kelley Blue Book. In fact, it outsold Kia's Niro electric vehicle.

Even in the US electric vehicle industry, Hyundai's premium brand, Genesis, is still relatively unknown. In the United States, Genesis is rapidly growing.

Announcing the addition of 21 additional US-based merchants across eight states, Genesis now boasts 56 independent locations.

Genesis' chief operating officer for North America, Claudia Marquez, stated, "In two short years, Genesis’ retail footprint has grown rapidly from one dedicated retail facility in Louisiana to 56 retail facilities nationwide."

In the United States, Hyundai, Kia, and Genesis are making waves with their lineup of reasonably priced, environmentally friendly electric vehicles. Eight of the 10 most fuel-efficient electric vehicles in the United States in 2024 will be manufactured by Hyundai and Kia.

Significant Investment in US Market by Hyundai

North America's biggest sales market, the United States, is receiving substantial investment from Hyundai Motor and its suppliers. Later this year, the Hyundai Motor Group Metaplant America (HMGMA) will be coming to Georgia, the company's new facility.

Hyundai created about 8,500 jobs and invested about $7.6 billion. However, when you include its vendors, the Metaplant is projected to garner more than $12.6 billion in investment.

It is anticipated to create more than 50,000 new jobs in the state, as per the Center for Automotive Research (CAR).