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Hyundai Is Tesla’s Largest American Competitor

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Hyundai Is Tesla's Largest American Competitor

(CTN News) – Hyundai and Kia have emerged as Tesla’s most formidable competitors in the US electric vehicle (EV) market.

In the past year, these two Hyundai Motor Group companies secured the second spot in US EV sales according to S&P Global data. Tesla’s 55% market share will be challenged by Hyundai and Kia’s aggressive expansion plans.

In spite of Tesla’s dominance, Hyundai and Kia are introducing new EV models and implementing competitive pricing strategies. Hyundai Motor America announced a $7,500 cash bonus for buyers of its electric vehicles this week, applicable to three flagship models.

Through this incentive program, Hyundai is positioned as a proactive brand willing to challenge established norms in the US automotive industry.

The combined sales of Hyundai and Kia in 2023 helped cut Tesla’s 2022 market share by 10% to 65%. Hyundai, Kia, and Genesis together offer nine electric models, contributing 7.5% of the electric car market in the US. In November, Hyundai’s executives saw high demand for its EVs, which they aim to have a 12% global market share by 2030. EV production will cost $85 billion by 2030, according to the company.

In July, Hyundai overtook General Motors as the second largest US EV seller, increasing its sales volumes by 11%. GM’s Chevrolet brand was ranked third by S&P Global, while Ford was ranked fifth.

Hyundai benefits from Tesla’s high pricing

Hyundai’s electric vehicle lineup includes the $32,000 Hyundai Kona and the $55,000 Kia EV9, a seven-seat SUV for families. Unlike Tesla, which has recently cut prices aggressively in Europe and China, it still offers five distinct models, with its most affordable US model costing about $39,000.

In Chicago’s cold weather, Tesla drivers complained about low battery performance. According to Hyundai, its EVs have improved electric performance and can be charged up to 351 kilometers in 15 minutes thanks to its new battery technology.

In 2017, Hyundai and Kia announced plans to build electric vehicles. As a result of this strategic decision, they were able to get to market earlier than many well-established automakers. A Hyundai EV sedan is due in 2022. Design enhances profitability as well as performance.

EV models are on the way and a well-defined pricing strategy will propel Hyundai and Kia into the future. Plans are underway to build a $7.6 billion plant in Georgia to produce 300,000 EVs per year.

In the US, Hyundai is gaining market share due to comparatively high electric car prices. To close the Tesla share gap in the US, Hyundai faces a tough balancing act.

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