Kia and Hyundai sales increased in November in the US. It shows record demand as the automakers push for electrification. Hyundai surpassed its previous US November sales record with its EV models. The models include IONIQ5 and Kona EV.
The plans are announced to invest $7.4 billion to scale its US electric vehicle program in May 2021, the Hyundai Motor Group is seeing the fruit of its labor. The Hyundai Motor Group, including Kia and Genesis, are having their best year in the US as demand for their new electric vehicles is driving record sales. Hyundai is solidifying its place in the future of the US auto industry as it rapidly executes its EV strategy, including building out its local sourcing and assembly capabilities.
In May, the South Korean automaker stated its intentions to build its first dedicated EV factor in the US. However, the Inflation Reduction Act passed in August threw a curveball in Hyundai’s blueprint. With new incentives promoting domestic EV battery sourcing and assembly, Hyundai quickly adjusted, breaking ground on its $5.5 billion electric vehicle plant in Bryan County, Georgia, on October 25, 2022. Despite several analysts calling for an “inevitable” drop in US demand, Hyundai and Kia continue overcoming the odds as consumers looking for zero-emission EV options are driving record sales.
EV sales
Both automakers achieved record US sales in November as demand for new EV models heats up. Kia’s electrified model sales increased 133% in November from last year, driving total US sales 8% higher than the previous record set in 2016. Eric Watson, VP of sales operations for Kia America, doesn’t see the EV momentum slowing anytime soon. Claiming, “Our electrified offerings posting double or triple-digit sales increases for the fifth consecutive month, we are confident that we will end the year strong, and this positive sales momentum will carry through to 2023.”
Sales of Kia’s EV6 reached 641 in November, bringing the YTD total to 19,391. Meanwhile, Hyundai saw demand for its electric vehicles climb as Kona EV sales grew 113% YOY, while IONIQ5 sales hit 1,191 in November for a total of 21,262 so far this year. Hyundai’s IONIQ5 continues attracting customers from other brands looking for pure EV options. A new report from S&P Global Mobility shows the top gas cars drivers are switching from, including the Toyota RAV4, Honda CR-V, and Mazda CX-5. As Hyundai and Kia ramp up EV production in the US, we may see a new trend forming. Automakers are ramping up production, to beat their own targets in reaching the top EV sales list.
