Growing US Electric Vehicle Market... Ford and Hyundai Form 2nd Place Group Amid Tesla's Dominance

Tesla vehicle parked at a service center in a region of California, USA

[Asia Economy Reporter Choi Dae-yeol] Amid the contraction of the U.S. new car sales market due to production disruptions caused by Russia's invasion, the electric vehicle (EV) market continues to grow sharply. Tesla's dominant position, which is expanding capacity globally, remains strong, while Ford and Hyundai Motor·Kia show remarkable progress.

According to data analyzed by local media such as Automotive News on the 12th, based on market research firm Experian's data, the total new vehicle registrations from January to April this year decreased by about 20% compared to the same period last year. The main reason is the delay in customer deliveries caused by production disruptions due to parts supply shortages among major global manufacturers.

On the other hand, during this period, the registration volume of battery electric vehicles (BEVs) increased by more than 50%, raising their share of total new cars to 4.4%. This is nearly double the 2.3% level from a year ago. Although the U.S. has been criticized for a relatively slower pace of electrification transition compared to China and Europe, the Biden administration's efforts to expand EV adoption have led to rapid growth.

The opening ceremony of Tesla's Germany Gigafactory held last March. Following the United States, Tesla has established large-scale factories in Shanghai and Germany to meet global demand.

The most notable brand is Tesla, the world's No.1 global EV manufacturer based locally. In the first four months of this year, 139,338 units were newly registered, an increase of over 50% compared to a year ago. Even when combining the sales of all other brands' electric vehicles, the total is less than Tesla's. The Sports Utility Vehicle (SUV) Model Y sold over 60,000 units, while the affordable Model 3 (55,625 units) and the large sedan Model S (11,499 units) swept the top three spots.

Following Tesla, Ford ranked second with 11,751 new registrations. The crossover-type electric vehicle Mustang Mach-E accounted for most of this with over 10,000 units sold, along with several hundred units of the electric van E-Transit and the electric pickup truck F-150 Lightning.

Ford's electric pickup truck F-150 Lightning. Pre-orders were accepted last year, and customer deliveries have recently begun.

Kia ranked third with 11,483 units, and Hyundai Motor came in fourth with 9,675 units. Their dedicated electric vehicles EV6 (7,303 units) and Ioniq 5 (8,597 units) received favorable reviews from local media and experts, boosting sales. Kia's eco-friendly dedicated vehicle Niro EV also saw 4,180 new registrations.

Last year, Hyundai Motor·Kia did not have any models in the top 10 U.S. EV sales rankings, but this year they included three models in the top 10. The industry views this success as a result of improving product competitiveness and tailoring promotional strategies to the local market. Hyundai's Ioniq 5 began local sales around the end of last year, and Kia's EV6 started sales this year.

The Hyundai exclusive electric vehicle Ioniq 5 exhibited at the North American International Auto Show held in Washington DC this January

To maintain recent momentum, Hyundai Motor Group plans to release new electric vehicles targeting local demand, including the high-end Genesis GV60, SUVs, and pickups. In the mid to long term, they are aggressively pursuing local marketing by building a new dedicated EV factory in Georgia, where Kia's plant is located.

Among local manufacturers like Ford and General Motors (GM), some have converted existing plants for EV production or established new factories, but it is rare for foreign manufacturers to build dedicated EV factories separately. This appears to be a proactive move, anticipating high growth potential.

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