According to a recent report, Hyundai and Kia have secured the second spot in the US electric vehicle (EV) market, trailing only Tesla, following a successful year of sales in 2023. South Korean automakers surpassed Ford and General Motors by producing stylish, practical electric vehicles tailored to the modern era.
Hyundai and Kia have emerged as the top runners-up in US electric vehicle (EV) sales, according to a recent report. The South Korean duo has been making significant strides in the market with their array of eco-friendly models, including the Hyundai Kona Electric, Kia Niro EV, and Hyundai Ioniq Electric.
According to estimates, approximately 1.2 million electric vehicles (EVs) were delivered in the United States over the past year.
Tesla retained its leading position by a significant margin, holding 55 percent of the market share. Despite the inevitable decline in Tesla’s stock price following each new fashion launch, the company’s shares have bounced back strongly from their all-time low in Q3, thanks to strategic value cuts.
The electric vehicle (EV) pioneer achieved a milestone by claiming 4.2% of the total US market share, boasting an impressive 650,000-plus deliveries, thereby surpassing stalwarts such as Volkswagen, Subaru, and BMW in a significant first. Meanwhile, other companies also reported significant electric vehicle (EV) sales last year, alongside Tesla’s impressive figures.
Hyundai concluded its reporting year by delivering over 47,000 units of the IONIQ 5 and IONIQ 6 electric vehicles, while Kia sold almost 19,000 units of the EV6 electric crossover. The automaker has begun rolling out its inaugural three-row electric sport utility vehicle, the EV9, with a total of 1,113 units allocated for delivery in December.
At a Tesla Supercharger station, Hyundai’s IONIQ 5 (left) and IONIQ 6 (right) stand side by side.
According to a recent study by, the growth rate of Hyundai and Kia’s electric vehicle (EV) sales enabled them to surpass Ford and General Motors’ performance in the US market, securing the second spot in overall EV sales.
Hyundai and Kia claimed an 8% market share in the US electric vehicle (EV) passenger segment over the past year, with approximately 117,000 units delivered.
While Ford’s CEO, Jim Farley, announced that “Ford maintained its position as the number one automaker,” While we’ve seen a proliferation of electric vehicle models from multiple brands in recent weeks, including the new 2 EV model from Kia and Hyundai, it’s worth noting that there is no mixing between these two brands. Ford reported a significant milestone of 72,608 electric vehicles (EVs) sold in the US during 2023.
By the end of 2023, General Motors had delivered around 72,639 electric vehicles (EVs), with the Chevrolet Bolt making up a significant 85% share. General Motors discontinued production of its budget-friendly electric vehicle to increase production capacity for its Ultium batteries and the Blazer EV model. A brand-new Bolt is expected to make its debut within the next twelve months.
Electrek’s Take
Although Hyundai and Kia are distinct entities, they both leverage Hyundai’s E-GMP platform. Hyundai holds a significant stake in Kia, owning just over 30%, while sharing numerous components across their joint operations.
South Korean automakers surpassed General Motors and Ford in sales without their electric vehicles qualifying for the US government’s IRA tax credit, only through leasing options.
Their success largely stems from building electric vehicles (EVs) from the ground up. According to recent data, the Hyundai IONIQ 5 ranked as the nation’s sixth most popular electric vehicle (EV) in the United States for the past year. While Hyundai and Kia are notable for offering a range of electric vehicles, including compact options such as the Kona and Niro, they are not alone in this endeavour, with other manufacturers outside of Tesla also providing smaller EVs.
Unlike UAW-backed Ford and GM, which have stalled their EV plans, Hyundai and Kia are focusing on building a sustainable future.
Hyundai’s devotion to electric vehicles (EVs) has yielded notable results, with the brand ranking second only to Tesla in reducing CO2 emissions and improving fuel economy over recent years, according to Environmental Protection Agency data.
Following a twofold surge in electric vehicle (EV) gross sales this year, Hyundai’s global president, Jose Munoz, reaffirmed his optimism in November, asserting he remains “very bullish” on the ongoing demand for EVs. I want more, primarily based on what I see. Were I to possess additional capabilities currently, I would consider expanding my fleet by introducing new vehicles.
