Hyundai, Kia, and Genesis Move up to Second in US EV Market

Hyundai Motor Group, including Kia and Genesis, has significantly impacted the U.S. EV market this year. The group achieved a double-digit market share, securing its position as the second-largest EV brand in the U.S. through July 2024. Hyundai’s strategy of offering a diverse lineup of EVs across its brands, coupled with competitive pricing and advanced technology, has resonated well with American consumers.

Through the first seven months of 2024, Hyundai, Kia, and Genesis collectively captured 10% of the U.S. EV market, surpassing both Ford, which held 7.4%, and GM, with 6.3%. This achievement underscores the growing influence of Hyundai Motor Group in the U.S. EV market, as they continue to outpace other major automakers.

Despite a slight dip in sales last month, the Hyundai IONIQ 5 and IONIQ 6 have seen impressive year-to-date growth of 25% and 54%, respectively. Kia has also had a record-setting year, with EV sales nearly doubling year-to-date. A key driver of Kia’s success is the new EV9, its first three-row electric SUV, which has outperformed competitors like the Toyota bZ4X, VW ID.4, Nissan Ariya, and Rivian R1T in U.S. sales through the first half of 2024. It even surpassed sales of Kia’s Niro EV.

“I have witnessed how Hyundai Group is becoming a major global player in the EV industry, because they have been very strategic about their investments as well as being consistent, committed, and patient in developing a broad portfolio of EVs, all while remaining profitable. It’s hard to imagine they are not going to be one of the top EV makers in a few years.” said Raul Arredondo, a global strategy and marketing leader, specializing in the EV/battery/recycling space.

Hyundai, Kia, and Genesis are solidifying their position in the U.S. EV market by offering some of the most affordable and fuel-efficient vehicles available. In 2024, Hyundai and Kia together account for eight of the top ten most fuel-efficient EVs in the U.S., showcasing their commitment to delivering value and efficiency to consumers.

Genesis’ Retail Footprint has Grown Rapidly

Genesis, Hyundai’s luxury brand, is rapidly expanding in the U.S. EV market, positioning itself as a strong but less recognized contender. Genesis has been expanding its presence in the U.S., adding 21 dedicated retailers this year, which includes establishing facilities in eight new states. This brings the total number of Genesis standalone facilities in the U.S. to 56.

“In two short years, Genesis’ retail footprint has grown rapidly from one dedicated retail facility in Louisiana to 56 retail facilities nationwide,” Genesis North America COO Claudia Marquez said.

New EV models, Metaplant Opening

Hyundai Motor, recognizing the importance of the U.S. as its largest sales market in North America, is making substantial investments in the country. The company is set to open its Hyundai Motor Group Metaplant America (HMGMA) in Georgia later this year. Hyundai has invested approximately $7.6 billion in this project, which is expected to create around 8,500 jobs. Additionally, with the involvement of its suppliers, the Metaplant is anticipated to attract over $12.6 billion in total funding.

The Hyundai Motor Group Metaplant America (HMGMA) is projected to create over 50,000 new positions in Georgia, according to the Center for Automotive Research (CAR). In recognition of Hyundai’s significant investment and impact, Georgia awarded the automaker its own “Hyundai Day” on February 26, 2024. Hyundai has been expediting the construction of the Metaplant to ensure that the EVs produced there will qualify for the $7,500 federal tax credit.

Hyundai has been leveraging the $7,500 tax credit by passing it on to consumers through leasing, which accounts for 60% of its EV lineup. While the battery plant with LG Energy Solution isn’t expected to come online until the end of 2025, Hyundai plans to source batteries from its Hungary plant in the meantime. Additionally, a second battery plant in Bartow County, GA, in partnership with SK On, will supply batteries for Hyundai’s Montgomery, AL plant, where the Genesis Electrified GV70 is built, and Kia’s West Point plant, home to the new EV9.

Kia began production of the EV9 in Georgia this past May, making it the first model from the brand to qualify for the federal tax credit. Deliveries of the U.S.-made EV9 are scheduled for October. In the lead-up to this, Kia has been offering substantial discounts on the EV9, with some reaching over $18,000 in June, according to Motor Intelligence. Additionally, Hyundai’s Metaplant in Georgia is expected to open in October, with the updated 2025 IONIQ 5 being the first vehicle to roll off the assembly line.

Hyundai is gearing up to unveil its first three-row electric SUV, the IONIQ 9, which is expected to be built at the Metaplant in Georgia to qualify for the EV tax credit. This larger electric SUV will be a key addition to Hyundai’s lineup. Simultaneously, Genesis is preparing to launch its flagship electric SUV, the ultra-luxury Genesis GV90, aimed at competing with high-end brands like Rolls Royce and Bentley.

With these new models and the opening of the Metaplant later this year, Hyundai is positioning itself as a brand to watch in 2025, especially in the fast-growing and exciting American EV market.