'Foreign Electric Vehicle Graveyard' Hyundai and Kia Both Rank in Top 10 in the US

Ioniq 5 and EV6 Rise to 6th and 10th Place

Hyundai Ioniq 5 and Kia EV6 ranked 6th and 10th respectively among the best-selling electric vehicles in the United States last year. Among the top 10 electric vehicles sold locally, Hyundai and Kia were the only foreign brands.

According to data on new registrations in the U.S. last year compiled by market research firm S&P Global Mobility on the 19th, the Ioniq 5 sold 31,286 units (wholesale basis). The EV6 had 18,243 new registrations. Their market shares were 2.7% and 1.6%, respectively.

The top two in registration numbers were Tesla Model Y (384,593 units, 33.5%) and Model 3 (212,034 units, 18.5%). The combined market share of these two models exceeded 50%. Following them were Chevrolet Bolt (62,775 units, 5.5%), Ford Mustang Mach-E (38,660 units, 3.4%), and Volkswagen ID.4 (36,961 units, 3.2%) ranking 3rd to 5th.

Hyundai Ioniq 5
[Photo source: Yonhap News, Reuters]

Tesla Model X, Rivian R1S, and Ford F-Series were included in the remaining top 10. Except for Hyundai and Kia electric vehicles, the other eight models are all produced in factories within the United States. The Volkswagen ID.4 is manufactured at a plant in Chattanooga, Tennessee. The others are either assembled locally by American brands or produced in nearby Mexican factories.

The origin of manufacture is important because the U.S. Inflation Reduction Act (IRA) affects eligibility for a tax credit of up to $7,500 (approximately 10 million KRW). Electric vehicles made outside North America or Mexico do not qualify for this tax credit, except for commercial vehicles.

Although the combined market share of Hyundai and Kia electric vehicles is less than 5%, their performance is considered commendable. S&P Global Mobility reported that these top 10 models account for 75% of total electric vehicle sales in the U.S.

Kia EV6 [Photo by Yonhap News, Reuters]

The share of electric vehicles in the new car sales market in the U.S. was estimated at about 8.5%. Gasoline vehicles still accounted for the largest share at 78.3%. Hybrids were the second most common at 10.4%. The best-selling vehicle among all types was the Ford pickup truck F-Series, with 676,989 units sold. The Tesla Model Y ranked 5th among all vehicle models.

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