Hyundai Motors Beats Tesla, Leading Domestic Electric Vehicle Sales

First Dedicated Electric Vehicle Ioniq 5 Popular
Sales Reach 19,743 Units by October, Surpassing Tesla's 16,291 Units

[Asia Economy Reporters Changhwan Lee, Gimin Lee] Hyundai Motor Company is expected to take first place for the first time this year in the domestic electric vehicle market, where Tesla had been dominating.

Thanks to the popularity of its first dedicated electric vehicle, the Ioniq 5, Hyundai surpassed Tesla in electric vehicle sales up to last month, and this trend continues into the fourth quarter.

Hyundai Expected to Take First Place in Domestic Electric Vehicle Market This Year

According to data from Kaizyu Data Research Institute and the Ministry of Land, Infrastructure and Transport as of the 3rd, Hyundai leads with 19,743 newly registered electric vehicles from January to October this year.

Tesla ranked second with 16,291 units, followed by Kia with 13,504 units. Porsche (1,182 units), Chevrolet (1,036 units), and Renault Samsung (1,011 units) followed in order.

Until last year, Tesla led domestic electric vehicle sales thanks to the popularity of the Model 3, but the situation has changed significantly this year. Hyundai and Kia quickly caught up with Tesla by launching dedicated electric vehicles, the Ioniq 5 and EV6, respectively.

As of October this year, the Ioniq 5 had 18,304 registrations, far surpassing Tesla's Model Y (8,465 units) and Model 3 (7,787 units).

The Ioniq 5 is Hyundai's first electric vehicle produced on an electric vehicle-exclusive platform, launched in April. On the first day of pre-orders, 23,760 units were reserved, setting a record for the highest number of pre-orders ever for domestic finished cars and electric vehicle models combined. Tesla's dominance continued until the first half of this year, but the situation reversed in the second half as the Ioniq 5 began full-scale deliveries.

Kia's first dedicated electric vehicle, the EV6, released in August, is also gaining momentum. With 6,853 units delivered within three months of its launch, it is challenging Tesla's second place.

The automotive industry expects this ranking to hold until the end of the year. The backlog for the Ioniq 5 and EV6 still exceeds 10,000 units each, indicating that supply cannot keep up with demand.

Hyundai is also likely to maintain first place next year. Genesis recently launched the GV60, which has received a strong response with pre-orders exceeding 10,000 units. The successor to the Ioniq 5, the Ioniq 6, is also expected to be released next year, continuing the popularity of dedicated electric vehicles.

A representative from Kaizyu explained, "Hyundai is standing out in the domestic electric vehicle market, where Tesla had been leading, by actively launching dedicated electric vehicles starting this year."

Ioniq 5

Holding Strong in the U.S. Market Despite Semiconductor Shortage

Hyundai and Kia's eco-friendly vehicles, centered on electric vehicles, are also gaining attention in the U.S. market.

Hyundai and Kia announced that last month they sold 62,061 units and 52,067 units respectively in the U.S. market, representing a 6.2% increase and a 7.2% decrease year-on-year, totaling 114,128 units. Although this is a 0.4% decrease compared to the same period last year, it outperforms the industry average, as competitors like Toyota and Honda saw a 22% decline.

In particular, Hyundai's luxury brand Genesis and eco-friendly vehicle sales significantly increased, driving performance. The Genesis brand recorded its highest-ever sales with 5,300 units, a 402.8% increase year-on-year, thanks to sales of the GV70 (1,869 units) and GV80 (1,505 units) last month.

Hyundai and Kia's eco-friendly vehicles, including hybrids (HEV), electric vehicles, and hydrogen vehicles, also saw a 221.8% increase, selling 11,466 units. Hyundai sold 7,330 units, up 262.7%, and Kia sold 4,136 units, up 168.2%. By vehicle type, HEVs increased by 226.5% (9,290 units), electric vehicles by 210.3% (2,113 units), and hydrogen vehicles by 70.3% (63 units).

From January to October, Hyundai and Kia's cumulative sales reached 1,289,608 units, a 29.3% increase compared to last year. Hyundai sold 682,016 units, up 32.9%, and Kia sold 607,592 units, up 25.4%, already surpassing last year's total sales.

This content was produced with the assistance of AI translation services.