Hyundai Motor Group Takes Second Place In US EV Sales For 2023

Hyundai, Kia and Genesis form the Hyundai Motor Group (HMG), a conglomeration akin to General Motors. In the US, HMG’s EV sales were higher than all other manufacturers, save Tesla. HMG will likely further increase its US sales lead in 2024.

That statement is practically a certainty as long as HMG doesn’t slow down its investment in EV manufacturing like Ford and GM have been doing. Since HMG is actively growing is US based EV manufacturing, there is almost no chance that will happen. Just how far ahead of Ford (HMG’s next closest rival) in EV sales is HMG? We can’t be absolutely certain because HMG doesn’t break out sales for every single EV model it sells, but we can be be fairly certain that HMG sold over 96,000 EVs between Hyundai, Kia and Genesis. Here’s where that figure comes from: Hyundai sold almost 47,000 EVs, not including Kona EV sales (because Hyundai doesn’t break those out). Hyundai sold 79,119 Konas (gasoline and electric models combined), and it is a reasonable assumption to estimate that at least 20% of those were Kona EV sales, coming out to another 15,800 or so units. That gives Hyundai alone a total of approximately 62,800 US EV sales for 2023. Genesis had sold 1,430 EVs through the end of October 2023 and if we add in another ⅙ of that number for the last two months of the year that adds more than 1,600 more EVs. Finally, combine an estimated 32,000 EV sales from Kia, and we end up with 96,400 US EV sales for HMG in 2023, which trounces Ford’s 72,608 US EV sales. 

With an almost 24,000 unit sales lead on its next closest rival, HMG is poised to widen that lead significantly this year as Kia EV9 sales spool up and Hyundai releases its Ioniq 7, not to mention the introduction of other EVs from HMG brands and the likely growth of at least some of their established EV models as well, like the Kona EV, Niro EV, EV6 the Ioniq 5, and 6. If HMG can simply match their sales growth from 2023, this year, I would anticipate 2024 sales figures well into the six figure range, numbers that could potentially match the combined sales of the next two closest competing manufacturers, depending. With Ford scaling back their EV manufacturing in favor of more hybrids, GM postponing release of some EV models and both struggling a bit to achieve profitability in their electric model lines, it is possible their sales will remain stagnant or even decline slightly. What makes me think that is even possible is that GM has stopped producing its sales leading EV, the Chevy Bolt. It has also struggled with a stop sale for its new Blazer EV (due to software glitches) and will not offer the Equinox EV or any other price competitive EVs with HMG’s Kona and Niro models until late this year. This makes it seem possible GM may see its EV sales actually decline from their 75,883 total in 2023, in 2024. Ford isn’t faring much better, though perhaps its commercial EV sales will buoy their sales enough to keep them in a positive sales trajectory.

All the negative news about GM and Ford’s EV production has me wondering if VW might surpass one or both of them in US EV sales in 2024, considering that VW is introducing two new EV models in the Buzz and ID.7 later this year. I’ll admit that is likely a long shot, but since Ford or GM will not offer any EV models that directly compete with either of those new VW EVs, there is at least an outside chance VW will actually manage to catch one or both of them in US sales.

What do you think? Will HMG dominate all other establishment manufacturers (excluding Tesla, which we might want to consider an established brand at this point) this year? Do you think the situation will be any different in 2025? Please leave any questions or comments below.

Images courtesy of Hyundai and Kia. 

Justin Hart has owned and driven electric vehicles for over 15 years, including a first generation Nissan LEAF, second generation Chevy Volt, Tesla Model 3, an electric bicycle and most recently a Kia Sorento PHEV. He is also an avid SUP rider, poet, photographer and wine lover. He enjoys taking long EV and PHEV road trips to beautiful and serene places with the people he loves. Follow Justin on Torque News Kia or X for regular electric and hybrid news coverage.