Hyundai Motor Group narrowed its gap with Tesla as its EV market share in the United States hit double-digits in May 2024. Making significant strides, Hyundai Motor Group achieved a combined market share of 11.2 per cent in the American EV market through May. As per stats released by the Korean Automobile & Mobility Association, the group sold total of 48,383 EVs in the United States through last month.

The automaker’s market share has increased from 3.2 per cent in 2020 to 3.4 per cent in the year of 2021, before further increasing to 10.6 per cent in 2022. Last year, the group’s market share was recorded at 6.8 per cent.

With the recently recorded share of 11.2 per cent, Hyundai and Kia significantly closed the gap with Tesla – the Elon Musk-led electric car pioneer that is renowned across the world for its EVs like the Model 3 and Model Y. While Tesla led by 52.9 per cent over Hyundai in 2023, the gap has now tapered to just around 40 per cent.

When asked for a comment, Hyundai America’s chief executive officer, Randy Parker, stated that the Korean automaker was “humble & hungry” to stand out from the crowd of other manufacturers. Thus far, the automaker seems to be successful.

In May, Hyundai’s IONIQ 5 EV achieved a new record high in sales, with a total of 4,449 units sold. Through the January to May period of this year, Hyundai has delivered roughly 15,000 units of this all-electric model.

Hyundai and its sibling Kia are known for producing and offering a number of pocket-friendly, fuel-efficient EVs in the world’s highly-competitive markets, such as the United States. Currently, Hyundai is offering six of the top ten most fuel-efficient electric cars in the United States, with Kia’s EV6 e-SUV also making the list. The Korean automakers are increasingly making their presence felt in the American market, thanks to their efficient offers that promise impressive more than 300 miles of range on a single charge, fast charging, in addition to a pocket-friendly price tag.

Hyundai Motor Group’s surge in the highly competitive American market highlights its strategic focus on the affordability and efficiency of its EVs. While narrowing its gap with Tesla, the South Korean manufacturer continues to set new sales records and expand its footprint in the United States. Looking ahead, it seems to be well-positioned to further disrupt the market.