While Tesla leads the segment with a 71% market share, Hyundai Motor Group is the clear no.2
The launch of the Hyundai Ioniq 5 and the Kia EV6 has significantly helped Hyundai Motor Group improve its positioning in USA’s EV segment. According to media reports, the Korean carmaker is now the second-best EV brand in the USA after Tesla. Q1 2022 in the USA saw a total of 158,689 EVs being sold. While Tesla leads the segment with a 71% market share, Hyundai Motor Group is the clear no.2.
Hyundai Motor Group registered over 15,400 units of EVs in the US market in Q1 2022. The majority of the sales numbers came from the Ioniq 5 and EV6, which recorded 6,265 units & 4,901 units, respectively. Reports suggest that the success of the Korean brand over its Japanese counterparts can be attributed to the huge investments made and the high number of new EV models in the pipeline. This includes the Hyundai Ioniq 6, Kia EV9 & the Genesis GV60.
However, Hyundai has plans to become the global leader in the EV segment by 2030. The company has invested billions of dollars towards electrification, while also supporting its carbon neutrality goals. The Korean car brand recently announced a US$10 billion investment in the USA towards the advancement of electric mobility. Hyundai has also confirmed a US$5.5 billion plan to set up the United States’ first dedicated EV & battery manufacturing facility in the state of Georgia.
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