Hyundai overtakes GM in U.S. EV market, eyes further growth

Hyundai Motor Group has overtaken General Motors in U.S. electric vehicle (EV) sales, securing the No. 2 spot behind Tesla. The South Korean automaker, including its Kia and Genesis brands, sold 124,065 EVs in 2024—nearly 10,000 more than GM’s 114,426, according to Cox Automotive.

Despite not qualifying for federal tax credits on new purchases, Hyundai capitalised on strategic lease incentives, helping it sustain demand. “Even with that handicap, they posted great sales,” an InsideEVs reader noted. Hyundai Motor America CEO Randy Parker reinforced the brand’s aggressive stance, stating, “We’re gonna keep our foot on the accelerator.”

Hyundai’s success rides on models like the Ioniq 5, the 2023 MotorTrend SUV of the Year, and the new Kia EV9, which is gaining traction among adventure-seeking drivers. While GM is planning a 2026 comeback with a redesigned Chevy Bolt, Hyundai’s early lead signals a shifting power dynamic in the industry.

The EV market’s bigger picture

The broader EV market saw record sales in 2024 despite ongoing challenges like high battery costs and charging infrastructure gaps. Tesla remained dominant with 633,762 units sold, though its market share slightly declined. Ford trailed behind Hyundai and GM, selling 97,865 EVs, with the Mustang Mach-E leading its lineup.

Hyundai’s rise shows a growing shift in consumer preference toward electrification. While EVs offer benefits like lower maintenance costs and reduced emissions, affordability remains a key battleground. Hyundai’s leasing strategy and aggressive model rollout indicate that it’s not just chasing Tesla—it’s setting the pace for the industry’s next phase.

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