Hyundai and Kia are ‘pulling ahead’ with strong EV demand despite rival concerns
Despite concerns over a cooling EV market, Hyundai and Kia are “very bullish” as demand for their electric vehicles remains strong.
Over the past few months, I’m sure you’ve read headlines like “Automakers overestimated EV demand,” but some believe they are right on track. This includes Hyundai, Kia, and several others.
Senior executives from the Korean automakers told Reuters ahead of the LA Auto Show they are seeing strong demand for electric vehicles in the US.
“I am still very bullish on the battery electrics,” explained Jose Munoz, Hyundai’s global president, ahead of Friday’s event. Munoz pointed to doubling EV sales year-over-year as evidence.
Hyundai and Kia’s first dedicated EVs, the IONIQ 5 and EV6, both set US sales records in October. The strong EV demand propelled Hyundai, including Kia, to second in the US EV market behind only Tesla.
Hyundai claimed 4.8% of the US market through September, according to registration data reported from Automotive News.
Published November 20, 2023 2:03PM
