Sales of Hyundai, KIA and Genesis EVs and hybrids in the United States remain strong and are steadily increasing thanks to multibillion-dollar investments and new models.
Hyundai Motor Group, with its three brands, has claimed the title of the second-largest seller of electric vehicles in the United States, trailing only Tesla, which continues to dominate with a 50% market share, it said.
Korean brands captured about 10% of the market share, ahead of Ford at 7.4% and General Motors at 6.3%. The achievement is particularly notable given that Hyundai EVs are currently ineligible for the $7,500 federal EV tax credit, though it's a hurdle they nimbly bypassed through a leasing loophole.
To make up for the lack of local manufacturing and incentives, Hyundai and KIA are giving away a $7,500 credit to anyone who chooses to lease one of their EVs instead of buying one.
The investment will help the South Korean conglomerate to increase its market share. Construction of Metaplant's new 300,000-car plant in Georgia is progressing, and is slated to begin operations in October.
In addition, KIA recently began production of the EV9 electric crossover at its upgraded plant in Georgia, and deliveries of these locally produced vehicles will begin in October. Because they are manufactured in the USA, they will be eligible for the full $7,500 tax credit. What's more, next year a joint venture with SK On will open its doors in Georgia and supply batteries for electric vehicles manufactured at Hyundai's existing plant in Montgomery, Alabama.