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Hyundai and Kia sustain market momentum, capturing a combined U.S. market share of 10.6% in H1 2023, according to Automotive News. Their robust growth, fueled by strong vehicle sales and resilient EV performance, counters potential setbacks from the Inflation Reduction Act.
During January-June, their combined share increased by 0.3 percentage points from the previous year to reach 10.6 percent. Last year, Hyundai and Kia achieved double-digit market shares for the first time, and they managed to sustain this level over the first six months of 2023.
Regarding market position, Hyundai accounted for 5.5 percent of the market share, including its premium brand Genesis, while Kia held a 5.1 percent share. General Motors Co. secured the top spot with a market share of 16.7 percent, followed by Toyota Motor Corp. with 13.5 percent and Ford Motor Co. with 13 percent. Fourteenth on the list, Hyundai and Kia overtook Stellantis N.V., which recorded a market share of 10.5 percent.
Positive sales growth was observed for Hyundai and Kia in the United States, with a combined total of 820,180 vehicles sold in the first half of the year, representing a 16.7 percent increase compared to the same period last year. Notably, the Hyundai Tucson compact SUV stood out as one of the most popular models, achieving sales of 100,591 units in the first half.
Despite the Inflation Reduction Act (IRA), which offers up to US$7,500 in tax credits to buyers of electric vehicles (EVs) assembled only in North America, Hyundai and Kia witnessed an 11.4 percent year-on-year increase in EV sales, reaching a total of 38,057 units in the six months. Moreover, Hyundai Motor Group has started producing all-electric GV70 SUVs under its independent Genesis brand at its Alabama plant.
Looking ahead, Hyundai Motor Group plans to build an EV and EV battery plant in Georgia and aims to commence production in the first half of 2025.
Photo: Hyundai Motor Group/Unsplash
