Hyundai and Kia have reached a new milestone in the U.S. electric vehicle (EV) market, capturing a record 40% of all eco-friendly vehicle sales through May 2024, according to the Korea Automobile & Mobility Association (KAMA). Their combined sales of 48,383 units accounted for 11.2% of the 437,246 electric passenger cars sold in the United States during this period.
This achievement marks the highest share of U.S. EV sales for Hyundai and Kia from January to May in any year. Over the past five years, their market share has shown consistent growth, from 3.2% in 2020 to this year’s impressive figures. Despite a temporary dip to 6.8% in 2023, the automakers have rebounded significantly in 2024.
The market share gap between Hyundai, Kia, and Tesla, the leading EV manufacturer in the U.S., has also narrowed. The difference has decreased from 73.2 percentage points in 2020 to 40.5 percentage points this year. This reflects the growing competitiveness of the Korean automakers in the U.S. market.
EVs have become increasingly central to Hyundai Motor Group’s eco-friendly strategy. From January to May 2024, EVs made up nearly 40% of Hyundai-Kia’s total eco-friendly vehicle sales in the U.S., a significant increase from previous years.
Key drivers behind this surge include new model launches and incentive programs. The Kia EV9, released late last year, alone sold 7,766 units in the first five months of 2024, significantly boosting the group’s overall EV sales in the U.S. market.
