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Despite the impact of the Inflation Reduction Act (IRA), Hyundai Motor Company and Kia Motors secured the second spot in U.S. electric vehicle sales for the first half of 2023, trailing only Tesla.
Hyundai Motor and Kia Motors were able to make this achievement of selling more EVs in the U.S. despite the effects of the Inflation Reduction Act (IRA). According to The Donga Ilbo, it appears that the South Korean automakers’ strategy of venturing into the lease market was effective since this move made them eligible for subsidies regardless of the IRA.
Based on market research, Hyundai Motor and Kia were able to sell about 38,457 units of electric vehicles, and this number pushed them up to become the second largest seller of EVs in the U.S. The first spot was occupied by Tesla, with 336,894 units sold, while General Motors placed third after selling 36,322 vehicle units.
Volkswagen ranks fourth this year with 26,538 electric cars sold, and Ford Motor Company is in the fifth spot with 25,709 EVs sold. It was added that the companies attained good performance ratings despite implementing the IRA that grants subsidies of up to $7,500 to EV and battery makers operating in the country.
Meanwhile, The Korea Economic Daily reported that Hyundai Motor was also able to break out after experiencing a slump for four years in China. This comes after the company’s Chinese joint venture posted its first sales growth in the country and revealed a 13% increase in sales for selling 123,259 vehicles.
The JV, called Beijing Hyundai Motor Co., is a partnership between Hyundai Motor and BAIC Motor. The surge in sales is for the first half of this year only. This is the first time since 2019 that the company has been able to increase its sales volume.
“It is an inspiring result in China, where homegrown brands such as BYD and Chang’an are raising their share, whereas imported brands are struggling with falling sales,” a source in the automobile sector said in a statement.
Photo by: Martin Katler/Unsplash
