Hyundai and Kia’s meteoric rise in the electric vehicle (EV) arena has cemented the group’s reputation as a formidable force in the global car market.
A report from the Financial Times claims that, despite the inflation-induced operational hiccups, the customers have shown a strong inclination towards Hyundai Motor Group’s products. The report reads:
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.
The Korean automotive giant has jumped ahead of several European and US-based automakers including BMW, Volkswagen Audi Group (VAG), Mercedes, Ford, General Motors, Stellantis group, and several others in the EV market race.
From January to May 2022, the group sold over 21,000 units of Ioniq 5 and EV6 in the US. To put it into perspective, this combined number is more than that of the Ford Mustang Mach-E which observed 15,718 sales.
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.
