South Korean automaker Hyundai Motor, which includes subsidiary Kia, has surpassed American giants Ford and General Motors (GM) in the US electric vehicle (EV) market, thanks to its affordable and competitive offerings.

Hyundai Motor Group, in partnership with Kia, leverages affordability as a key strategy to gain market share within the US automotive landscape. Within the first quarter of 2024, Hyundai Motor, in collaboration with Kia, outpaced American automotive giants Ford and General Motors in the US electric vehicle market, thanks to their affordable offerings.

South Korean automakers Hyundai and Kia are poised to surpass Ford and General Motors (GM) in electric vehicle (EV) sales, largely due to their affordable offerings.

Following the IONIQ 5’s impressive performance as the sixth-best selling electric vehicle in the US over the past year, with nearly 34,000 units sold, Hyundai and Kia have started the year strong in the American market.

Hyundai’s most popular electric SUV, the IONIQ 5, shattered sales records last month, propelling EV sales a remarkable 100% higher than in the same period last year.

As of the first quarter of 2024, Hyundai recorded a notable milestone by selling 6,822 units of its innovative IONIQ 5 models, according to a recent report. Hyundai’s second dedicated electric vehicle, the IONIQ 6, saw a staggering 1,542% increase in sales for the first quarter, reaching 3,646 units.

Following a major revamp last year, Hyundai’s Kona Electric was another key factor in the model’s triumph. Hyundai has significantly upgraded the 2024 Kona Electric, boasting enhanced features such as increased range, faster charging capabilities, and a sleek, modern design makeover.

Although Hyundai does not disclose separate figures for Kona sales, its subcompact crossover saw a notable 20% surge in first-quarter sales to 23,054 units.

	Not available for purchase separately from its bundled $1,335 supply price.
	$32,675
	$36,675
	$41,045

Starting at a price point below $33,000, the 2024 Hyundai Kona Electric stands out as one of the most affordable electric vehicles available in the US market.

According to a recent analysis by an automotive agency, the Hyundai Kona EV stands out as a highly affordable leasing option in the US, with a monthly rate of just $169. Additionally, they’re paired with gas-powered vehicles.

Inexpensive EVs are profitable

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Hyundai’s IONIQ 6 stands out as one of the most cost-effective vehicles to lease, with a starting price of just $239 per month for both fuel-powered and electric variants.

According to a recent study by , the Hyundai IONIQ stands out as the only electric vehicle (EV) that effectively addresses customers’ diverse needs for range, charging, and affordability. Tesla’s Model 3 was the closest to hitting the mark.

	(kWh)	(miles)
SE Commonplace Vary RWD	53	240	$38,615
SE RWD	77.4	361	$43,656
SEL RWD	77.4	305	$46,365
Restricted RWD	77.4	305	$51,265
SE Twin Motor AWD	77.4	316	$47,065
SEL Twin Motor AWD	77.4	270	$49,865
Restricted Twin Motor AWD	77.4	270	$54,765

Hyundai’s final electric vehicle offering for the US market, the IONIQ 5, stands out as a highly affordable option within its category. This innovative product boasts an unparalleled array of features and options that surpass those of its competitors, offering users a truly unique experience.

Hyundai is offering an unprecedented 0% finance deal on the IONIQ 5, with lease payments starting at just $229 per month.

Meanwhile, Kia introduced a brand-new, more affordable Mild Long Range EV6 model for 2023, starting at $45,950 and offering up to 310 miles of range. The introduction of a fresh trim boosted gross sales to 4,059 in the first quarter of 2024, a notable 20% rise from the previous year’s figure of 3,392.

Hyundai Motor and its affiliate Kia have gained a competitive edge in the US electric vehicle (EV) market, outpacing traditional leaders Ford and General Motors in the first quarter, thanks to their more affordable offerings.

Ford acquired 20,223 electric vehicles during the initial three months of 2023, significantly outpacing General Motors’ total of 16,425.

In the first quarter of the year, a combined total of over 18,500 electric vehicles (EVs) were sold, courtesy of Hyundai’s IONIQ 5 and IONIQ 6 models, as well as Kia’s EV6 and EV9 offerings.

However, this omission fails to account for the Kona and Niro EVs. According to forecasts, Hyundai Motor is expected to have acquired approximately 25,000 to 30,000 electric vehicles (EVs) in the United States during the fourth quarter. Not to mention the opulence of its Genesis counterpart.

Kia is doubling down on affordable electric vehicles, despite its recent emphasis on introducing additional hybrid models. The Tesla EV2, EV3, EV4, and EV5 models will roll out over the next few years, with initial price tags projected to range from $25,000 to $50,000.

Ford is reportedly reevaluating its strategy to counter the growing threat of smaller, more affordable electric vehicle models from competitors like Tesla and China’s BYD. The corporation is developing a pioneering low-cost electric vehicle (EV) platform, featuring a range of initial models, including a compact electric pickup truck and sport utility vehicle (SUV), slated for release in 2026.

As General Motors transitions its electric vehicle strategy, it’s temporarily discontinuing production of the affordable Bolt to focus on scaling up its Ultium battery-powered lineup, including the newly launched Chevrolet Equinox and Blazer EV models.

Chevrolet anticipates its Equinox will be a top contender in terms of affordability among electric vehicles, boasting an estimated range of up to 319 miles with the upcoming 1LT trim, scheduled for release later this year? Starting at $43,295, the most budget-friendly Equinox trim level is the 2LT. Meanwhile, the Blazer EV starts at a price slightly above $50,000. The company plans to launch its new Ultium Bolt model next year, featuring lower-cost lithium-iron-phosphate (LFP) batteries designed to reduce costs.