Hyundai Motor Group, including Kia, is using affordability to achieve market share in the US. With low-cost electric cars, Hyundai Motor, along with Kia, surged past American automakers Ford and GM in the US EV market in the primary three months of 2024.
Hyundai, Kia top Ford, GM in EV sales with affordability
After the IONIQ 5 was the sixth best-selling EV in the US last 12 months with nearly 34,000 units sold, Hyundai (and Kia) are starting the 12 months strong in the US.
Hyundai’s best-selling electric SUV, the IONIQ 5, set a brand new sales record last month, pushing EV sales up 100% over last 12 months.
Through the primary three months of 2024, Hyundai sold 6,822 IONIQ 5 models, one other record. Hyundai’s second dedicated EV, the IONIQ 6, saw sales surge 1,542% in Q1 to three,646.
After a serious refresh this 12 months, Hyundai’s Kona EV was one other big reason behind the brand’s success. Hyundai upgraded the 2024 Kona Electric in every way, adding more range, faster charging, and a brand new stylish design.
Although Hyundai doesn’t break down Kona sales (there are also two gas-powered versions), sales of the subcompact crossover rose 20% in Q1, with 23,054 units sold.
2024 Hyundai Kona electric trim |
Starting Price (not including a $1,335 delivery fee) |
| SE | $32,675 |
| SEL | $36,675 |
| Limited | $41,045 |
Starting under $33,000, the 2024 Hyundai Kona Electric is probably the most affordable EVs on the US market.
In fact, latest research from auto research firm CarsDirect shows the Kona EV is considered one of the most affordable cars to lease in the US at just $169 per 30 days. And that’s including gas-powered cars.
Affordable EVs are winning
The other least expensive vehicle to lease (gas or EV) is Hyundai’s IONIQ 6, starting at just $239 per 30 days.
According to a brand new report from Boston Consulting Group, the IONIQ is the one EV that meets potential buyers’ range, charging, and price targets. Tesla’s Model 3 was the following closest to hitting the mark.
|
2024 Hyundai IONIQ 6 trim |
Battery (kWh) |
Estimated Range (miles) |
Starting Price |
| SE Standard Range RWD | 53 | 240 | $38,615 |
| SE RWD | 77.4 | 361 | $43,656 |
| SEL RWD | 77.4 | 305 | $46,365 |
| Limited RWD | 77.4 | 305 | $51,265 |
| SE Dual Motor AWD | 77.4 | 316 | $47,065 |
| SEL Dual Motor AWD | 77.4 | 270 | $49,865 |
| Limited Dual Motor AWD | 77.4 | 270 | $54,765 |
Hyundai’s last EV on the US market, the IONIQ 5, is probably the most affordable in its class. It also has more range or features than most rivals.
Hyundai is offering a rare 0% finance deal on the IONIQ 5, with lease payments starting as little as $229 per 30 days.
Meanwhile, Kia launched a brand new lower-priced Light Long Range EV6 model this 12 months, starting at $45,950 with as much as 310 miles range. The latest trim helped boost sales to 4,059 through the primary three months of 2024, up from 3,392 last 12 months.
The affordability has helped Hyundai Motor, including Kia, top Ford, and GM in the US EV market through the primary quarter.
Ford sold 20,223 electric cars in the primary quarter of 2023, while GM sold 16,425. The Hyundai IONIQ 5 and IONIQ 6, combined with Kia’s EV6 and EV9, sold over 18,500 EVs in Q1.
However, that doesn’t include the Kona or Niro EVs. With each included, Hyundai Motor is predicted to have sold easily over 25,000, if not 30,000, EVs in the US last quarter. And that’s not even including its luxury Genesis brand.
Despite Kia’s recent shift to introduce more hybrids, the corporate is doubling down on affordable electric cars. The EV2, EV3, EV4, and EV5 are rolling out over the following few years, with starting prices expected between $25,000 and $50,000.
Ford can be shifting plans to concentrate on smaller, more affordable electric models because it looks to compete with Tesla and low-cost Chinese automakers like BYD. The company is developing a brand new low-cost EV platform, with the primary models expected to be a smaller electric pickup and SUV, set to launch in 2026.
Meanwhile, GM is phasing out its least expensive EV, the Bolt (for now), as it really works to ramp production of its Ultium-based models just like the latest Chevy Equinox and Blazer EVs.
Chevy expects the Equinox to be considered one of the most affordable EVs with as much as 319 miles range, but that’s for the 1LT rolling out later this 12 months. For now, the most affordable Equinox (2LT) starts at $43,295. Meanwhile, Blazer EV prices starting just over $50,000. The brand does plan to introduce a brand new Ultium Bolt model next 12 months with lower-priced LFP batteries to drive down costs.
Are you ready on your next electric vehicle? Now is probably the greatest times to start out shopping, with a number of the lowest prices offered on EVs to this point. You can use our links below to search out deals on Hyundai and Kia electric vehicles at a dealer near you.
Credit : electrek.co
