The group’s status as a powerful force in the international auto market has been solidified by Hyundai and Kia’s spectacular climb in the electric vehicle (EV) market.
According to a Financial Times article, buyers have demonstrated a strong preference for Hyundai Motor Group’s products despite operational problems brought on by inflation. According to the research,
the Korean auto giant has surpassed a number of European and US-based automakers in the fight for the EV market, including BMW, Volkswagen Audi Group (VAG), Mercedes, Ford, General Motors, Stellantis group, and several others.
The company sold more than 21,000 Ioniq 5 and EV6 units in the US between January and May 2022. Comparatively speaking, this total exceeds the 15,718 observations made by the Ford Mustang Mach-E.
Globally, excluding China, Hyundai and Kia are the second-biggest electric carmakers by shipments, with a combined 14 per cent market share. Tesla holds the top spot at 27 percent.
Although Tesla holds the majority share of the American EV market, Hyundai has become the second-biggest EV stakeholder in the US in months.
Reports also claim that, next to certain Chinese automakers, Hyundai Motor Group is also the quickest to make its transition to complete EV development. An industry insider told the Financial Times:
Foreign customers have a higher preference for Hyundai Motor Group and the group is not competing directly with the auto brands that are eligible for tax benefits at the moment. The group can find other alternative solutions through various promotion schemes.
Hyundai Motor Group’s EVs currently serves as a happy medium between premium and low-end models. Hence, the company appeals to a larger group of EV shoppers across the globe.
