Hyundai and Kia Thrive in US EV Market Amid Industry Concerns

Despite inflation and supply-chain bottlenecks, the Korean automakers set sales records and accelerate investment in US EV plant.

Hyundai and Kia are seeing strong demand for their electric vehicles (EVs) in the US, despite concerns over a cooling EV market.
Hyundai and Kia's first dedicated EVs, the IONIQ 5 and EV6, both set US sales records in October, propelling Hyundai, including Kia, to second in the US EV market behind only Tesla.
Hyundai is accelerating its investment in its first US EV and battery plant in Georgia, with 99.9% of the foundation work complete and plans to have it ready by October next year.
Hyundai followed Tesla last month in slashing lease prices on its most popular models, the IONIQ 5 and IONIQ 6, and extended its free EV charger promotion with the purchase or lease of select EVs through January 2, 2024.
Despite inflation and high interest rates raising the costs of buying a car, and supply-chain bottlenecks and pricing pressure from Tesla, EV sales in the third quarter were up 50% from a year earlier to a record of more than 300,000 vehicles.