Hyundai Maintains Position as Second-Largest EV Player in U.S. Market
Seoul - Despite concerns over the U.S. Inflation Reduction Act (IRA), Hyundai Motor Group continues to hold its position as the second-largest player in the U.S. electric vehicle (EV) market, data released on Sunday revealed.
According to Yonhap News Agency, Hyundai Motor Co. accounted for 4.8 percent of the U.S. EV market in the January-September period, while its smaller affiliate, Kia Corp., had a 2.7 percent share. Combined, they represent a 7.5 percent market share, trailing only behind Tesla Inc., which dominates with a 57.4 percent share. Chevrolet and Ford Motor Co. followed with 5.9 percent and 5.5 percent market shares, respectively. The performance of Hyundai's EVs is noteworthy given the challenges posed by the IRA, which offers tax credits to EVs assembled in North America, thereby excluding Hyundai and Kia's South Korea-manufactured EVs from these benefits. However, Hyundai and Kia EVs can still qualify for these credits when used for commercial purposes, such as leasing, demonstrating the brands' resilience in the competitive U.S. EV market.