Hyundai Motor Co. and Kia Corp. are now producing the most electric vehicles in the auto industry. The Hyundai Ioniq 5 and its sibling, the Kia EV6, two new battery-powered vehicles introduced by South Korean automakers earlier this year, smashed sales records and outperformed every other non-Tesla electric vehicle on the market.
Hyundai at the Top
In the US, Hyundai and Kia sold 21,467 of these two cars through May this year, beating even the much-awaited Ford Mustang Mach-E, which was bought by 15,718 drivers. From an electric vehicle (EV) perspective, they are effectively just washing the floor, claims Edmunds expert Joseph Yoon. He has no idea whether any nearby stores have any in stock.
Even while Tesla continues to sell far more vehicles than Hyundai and Kia combined, it took the companies ten years to create the same number of electric vehicles. Elon Musk himself was impressed.
About Hyundai and Kia
Hyundai is certainly not a startup. Meanwhile, as per Steve Kosowski, Kia America’s manager of long-term planning, the current hits’ focus started about six years ago. Kia considered developing a vehicle with a comparable size and scope when the Chevrolet Bolt originally debuted. Kosowski and the team ultimately decided to go with something considerably bigger, sportier, and swankier at a slightly higher price.
The time worked out well. Due to rising petroleum prices and environmental concerns, EV usage is increasing in the US. Even if there is a shortage of battery-powered cars, there are still few to select from. Only a limited number of 30 models available for purchase on the US market can be purchased for less than $45,000, and the majority of those are very small, out-of-date vehicles like the Nissan Leaf.
Both the Ioniq 5 and the EV6 have the cargo room of a small SUV, a vehicle type that has recently been popular in US garages because of its size and design. Both vehicles use the same modular structure, have identical motors and batteries, and have similar speed ratings.
They have fancy screens and are among the fastest charging times in the business, adding about 16 miles of range in a minute in ideal circumstances. Additionally, they include a few features that are original for the area: pedals to control bidirectional power and regenerative braking.
EV sales in the Market
They are attracting buyers with lesser budgets who might have otherwise purchased a starting car because they start at under $40,000, claims Yoon at Edmunds. Even so, they have luxurious interiors to draw buyers from the top of the market as well as those who trade in expensive automobiles with internal combustion engines.
When Hyundai’s new cars were introduced this winter, Emad Zia and his wife had merely intended to “dip our toes” in the EV market. In their Dallas garage, the two wanted something larger than the Volkswagen Golf R and Mazda Miata since they enjoy driving sporty automobiles, ideally with a stick shift. They chose the Ioniq 5 solely based on its appearance and performance specifications, and when they couldn’t find the Hyundai for anywhere near the list price, they purchased an EV6.
According to Kia, only one in ten EV6 buyers had previously owned a plug-in vehicle, and around three out of four EV6 buyers have previously driven a vehicle from a different brand. As per sources, the average transaction price for the EV6 is a few thousand dollars above the sticker price and the waitlist for the vehicle is currently around six months long, indicating that most purchasers are prepared to spend more.
Kosowski claimed that as first-mover sedans and SUVs grow commonplace even outside of coastal areas, the new Hyundai models are benefiting, in part, from “Tesla fatigue.” Additionally, Hyundai owners are keeping with the brands they are familiar with. According to Edmunds, of those recently trading in a Hyundai or Kia, nearly 60% stayed with the brand.
Hyundai is investing $16.5 billion to increase EV production in South Korea and aims to release a new battery-powered vehicle every year for the remainder of the decade. The carmaker aims to sell 3.2 million cars and trucks, or 12 percent of the worldwide EV market, by 2030.