Hyundai Falls to Third Place in US Electric Vehicle Market

Data released Wednesday showed that South Korean automaker Hyundai Motor Group fell to third place in the US electric vehicle market in the first half of this year.

According to data from market research firm Wards Intelligence, Hyundai Motor Group’s share of the US electric vehicle market reached 7.6%, placing it third behind Tesla (42.5%) and General Motors (13.3%). South Korea’s Yonhap News Agency reported that Hyundai lost 3.4 percentage points of market share compared to the first half of last year, when it held second place with 11%.

The group had jumped from fourth place with a 4.1% share in 2021 to second place with a 10.4% share in 2022, and has maintained the second position during the first half of the past three years. The South Korean group, which includes Hyundai Motor and Kia, sold 44,555 electric vehicles in the first half of this year, a 28% decrease compared to the same period last year. Total electric vehicle sales in the United States during the same period increased by 5.2% to 589,066 vehicles, compared to 560,198 vehicles during the first half of last year.