Hyundai and Kia Dominate US EV Market, Capturing Over 11% Share in 2024

The Republic of Korea's top automaker Hyundai Motor Company and its sister company Kia Corporation captured the largest share of the US market for electric vehicles (EVs) in the first five months of 2024, Yonhap News Agency reported on Sunday.

The two carmakers accounted for 11.2 percent, or 48,838, of the 437,246 EVs sold in the US market over the January-May period, according to data compiled by the Korea Automobile Manufacturers Association.

This marks a sharp rise from 6.8 percent in 2023 and 10.6 percent in 2022. In 2020, Hyundai and Kia only accounted for 3.2 percent of the US EV market.

The two carmakers' combined share was 40.5 percentage points behind the US giant Tesla Inc., narrowing from the 73.2 percentage point difference tallied in 2020.

EVs also made up nearly 40 percent of the eco-friendly models sold by Hyundai and Kia in the US over the five-month period. The ratio was estimated at 17.2 percent in 2020.

News Source: Emirates News Agency