Hyundai Motor Group reached a significant milestone in the U.S. electric vehicle (EV) market last year, crossing the 100,000 unit mark in annual sales. However, the group was overtaken by General Motors (GM), falling from second place to third in the rankings. Hyundai Motor and Kia are now targeting a comeback to second place, fueled by an expanded list of eligible vehicles for the U.S. tax credit.
According to data compiled by The Guru on January 6, Hyundai Motor and Kia sold a total of 100,396 BEVs (Battery Electric Vehicles) in the U.S. in 2024, marking a 6.8% increase from the previous year’s 94,000 units. Hyundai led the charge with 56,664 units sold, including the Ioniq 5 (44,400 units) and Ioniq 6 (12,264 units), while Kia sold 43,732 units, driven by strong performances from the EV6 (21,715 units) and EV9 (22,017 units).
Despite the strong sales, Hyundai and Kia slipped to third place in terms of market share, falling behind GM, which saw a massive 51% year-on-year surge in sales, reaching 114,432 units. The sales gap between Hyundai/Kia and GM was 14,036 units, down from 18,614 units in 2023 when Hyundai/Kia managed to secure second place over GM.
Ford, with 97,865 units sold, ranked fourth, marking a 34.8% increase from the previous year. Despite closing the gap to Hyundai/Kia by 2,531 units, Ford still fell short of surpassing the 100,000-unit mark.
Tesla remained the dominant player in the U.S. market, with estimated sales of 633,000 units in 2024, although this represents a 3% decline from the previous year’s 654,888 units.
Excluding Tesla, which is solely focused on BEV sales, Hyundai, Kia, GM, and Ford are now engaged in a fierce three-way battle for dominance in the U.S. EV market. Notably, Hyundai and Kia are the only non-local brands in the top tier, underscoring their growing presence in the U.S. EV sector.
Looking ahead, Hyundai and Kia plan to continue expanding their EV sales with a tailored strategy for the U.S. market. The companies have secured a competitive edge, having been newly added to the list of vehicles eligible for U.S. EV tax credits, despite a significant reduction in the number of eligible models.
In line with the Inflation Reduction Act (IRA) rules, the U.S. Environmental Protection Agency (EPA) has released an updated list of vehicles eligible for tax credits under the new Foreign Entity of Concern (FEOC) regulations. Hyundai, Kia, and Genesis—once excluded from the list—are now eligible, with five of their models added: Hyundai’s Ioniq 5 and Ioniq 9, Kia’s EV6 and EV9, and Genesis’s GV70. These vehicles meet the IRA’s battery and critical mineral requirements and will qualify for a $7,500 tax credit.
In contrast, German automaker Volkswagen Group, which received tax credits for 10 models last year, was excluded from this year’s list. Rivian, a U.S. EV brand, also saw its seven models removed from the list, while Nissan lost one model’s eligibility for the credit.
