Final summer time, as many rivals have been backing off their electrical automobile plans as gross sales proved to be rising much less shortly than anticipated, Korea’s Hyundai Motor Group was singing a unique tune. “We’re gonna maintain our foot on the accelerator” is what Hyundai Motor America CEO Randy Parker informed me in an interview. Now that 2024’s gross sales information is in, it actually looks like that push paid off.
In response to the newest information from Cox Automotive’s Kelly Blue Guide, the mixed gross sales of the three Hyundai Motor Group manufacturers—Hyundai, Kia and Genesis—despatched the conglomerate to the coveted no. 2 spot behind Tesla in U.S. EV gross sales in 2024.
This was a good gross sales race that we had been following intently final yr, particularly because the race more and more got here right down to Common Motors and the Hyundai group. Ultimately, Hyundai’s manufacturers pulled forward with a collective 124,065 absolutely electrical gross sales. That quantity doesn’t rely hybrid or plug-in hybrid gross sales, the place the Korean manufacturers are additionally seeing sturdy development.
Picture by: InsideEVs
By comparability, GM’s manufacturers that promote EVs within the U.S.—Chevrolet, GMC, Cadillac and the BrightDrop van division that simply bought merged into Chevy—moved 114,426 EVs in 2024. As a number of individuals identified, had GM continued Chevrolet Bolt EV and EUV manufacturing till the brand new one made its debut this yr, it will have in all probability far exceeded Hyundai, however that is the sport.
This additionally made each GM and Hyundai the primary automakers since Tesla to ever promote 100,000 or extra EVs within the U.S. Ford got here awfully shut, with the F-150 Lightning, E-Transit van and Mustang Mach-E netting 97,865 EV gross sales.
Nonetheless, all of those firms have been a really distant second, third or fourth to Tesla, which regardless of seeing a decline in gross sales nonetheless ended 2024 with a projected 633,762 EVs bought in America. For Hyundai, the Ioniq 5 led the way in which in gross sales, however the Mach-E saved its crown as America’s best-selling non-Tesla EV but once more. If the up to date Telsa Mannequin Y makes its debut right here this yr as anticipated, it may change the equation much more.
As we have famous beforehand, regardless of widespread media reviews of the EV market crashing, 2024 was one other report yr for electrical gross sales in America. The issue is that gross sales haven’t taken off as shortly because the auto business as soon as projected. Practically all of them nonetheless battle with ramping up EV manufacturing, battery prices, unclear points round tariffs and sourcing supplies from China and our still-inadequate charging infrastructure. However EVs stay the fastest-growing new automobile phase and made up 8% of whole new gross sales in 2024; this yr, one in 4 new vehicles bought are anticipated to be electrified not directly, as hybrids or EVs.
Picture by: InsideEVs
Now, the query is that this: which automaker can preserve this momentum into 2025? As I stated above, the up to date Mannequin Y ought to be capable of do what the now-sagging Cybertruck couldn’t, though its reputation could show to be the last word barometer about how individuals really feel about Elon Musk lately. GM has a number of new electrical Cadillac fashions set to debut. And if it will probably make good on releasing the 2026 Chevy Bolt by the tip of this yr, and it is priced properly, it may significantly transfer the needle in GM’s favor.
However Hyundai’s going larger and bolder in 2025 as properly. There’s the brand new 2025 Hyundai Ioniq 5, which is supplied with a Tesla-style plug and now even comes with a ChargePoint charger commonplace. It is constructed within the U.S. as properly, and whereas it doesn’t but qualify for EV tax credit, it’s anticipated to—offered that system survives the incoming Trump administration. There’s additionally the U.S.-built Ioniq 9 three-row SUV and up to date Kia EV6, each additionally sporting Tesla-style plugs, and a few up to date new Genesis EVs as properly. The Kia EV3 remains to be considerably TBD on its U.S. launch date, sadly, but when that is priced properly right here it too must be a giant driver of quantity.
Picture by: InsideEVs
Lastly, it is price noting that Hyundai’s manufacturers moved loads of electrical vehicles with extraordinarily beneficiant lease offers. Whether or not it will probably maintain these going, particularly if tax credit go away, stays to be seen. However both means, 2025 kicks off with Hyundai because the non-Tesla automaker to beat in 2025. We’ll see who’s bought what it takes because the yr goes on.
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