Hyundai Motor Group Stands Out To Become Second-Largest EV Brand In U.S.

Hyundai Motor Group has firmly established itself as the second-largest EV brand in the United States (U.S.), trailing only behind Tesla. The company’s brand lineup includes Hyundai, Kia, and Genesis.

According to data from Motor Intelligence as cited by Automotive News, Hyundai Motor Group captured a 10% share of the U.S. EV market through the first seven months of 2024. The company also outpaces traditional American automakers Ford (7.4%) and General Motors (6.3%).

Notably, this performance comes as Tesla’s dominant market share slipped below 50% for the first time in Q2 2024, opening the door for competitors to gain ground. Hyundai Motor Group’s success can be attributed to its diverse lineup of affordable and efficient EVs, with eight of the top ten most fuel-efficient EVs in the U.S. coming from Hyundai and Kia.

Key models driving this growth include the Hyundai IONIQ 5 and 6, which have seen year-to-date sales increases of 25% and 54% respectively. Kia’s new EV9 also made a strong impact, outperforming several established competitors in its debut year.

As for Genesis, the company also made strides in the U.S. market. With the recent addition of 21 dedicated retailers across eight new states, Genesis now contains 56 standalone facilities nationwide.

Hyundai Motor Group has also been investing heavily in local production, with its Hyundai Motor Group Metaplant America (HMGMA) set to open in Georgia later this year. This $7.6 billion investment is projected to create around 8,500 direct jobs according to the Center for Automotive Research. It could also establish over 50,000 new positions in the state when considering supplier impact.

The Metaplant, scheduled to open in October, will have an initial annual capacity of 300,000 EVs, with the potential to scale up to 500,000 depending on demand. The first model to roll off the assembly line will be the updated 2025 IONIQ 5. This local production is crucial for Hyundai to qualify for the $7,500 federal EV tax credit, which could further boost sales.

Kia has already begun U.S. production of its EV9 in Georgia, with deliveries of the American-made version set to start in October. This will make the EV9 the first model from the group to qualify for the tax credit under new and more stringent rules.

Despite the group’s EV success, it’s also capitalizing on a consumer pivot towards hybrids. Hyundai’s hybrid and plug-in hybrid sales are up 25% through July, prompting plans to add more hybrid models to the Metaplant roster.

As Hyundai Motor Group continues to invest in new EV models and technologies including the upcoming Hyundai IONIQ 9 and the Genesis GV90, the company is set to position itself as a formidable force in the U.S. EV market.

If you are looking for Hyundai Motor Group models, we can help you get started. Click Here to find the best deals near you. Want to learn more about EV? Thinking of buying an EV? Head over to EV.com and discover more.