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Tesla and Hyundai Group are the top players in electric cars in the US market

JAKARTA (Antara) – Tesla and automotive group Hyundai are the top players in the United States for electric vehicles (EVs), data showed on Sunday (12/11).

Hyundai Motor Co. accounted for 4.8 percent of the U.S. electric vehicle market in the January to September period, while its smaller partner, Kia Corp., accounted for 2.7 percent, according to U.S. magazine Automotive News.

Their combined market share reached 7.5 percent or 64,000 units, the second-highest share in the US EV market after Tesla Inc., which recorded a share of 57.4 percent or 489,000 units.

Chevrolet brand of General Motors Company. With 5.9 percent, it is followed by Ford Motor Company. With 5.5 percent.

Also read: Automotive market is improving, luxury brand Porsche sells more than 200,000 units

Data shows that in the first nine months, total electric vehicle registrations in the US increased 61 percent year-on-year to 852,904 units.

Automotive News estimates that if electric vehicle sales continue to grow despite slow growth rates, electric vehicle registrations in the world’s most important automotive market will surpass 1 million units for the first time this year.

Hyundai’s latest performance comes amid the US Inflation Reduction Act (IRA), which provides a tax credit of up to US$7,500 (about Rs 117 million) to buyers of electric vehicles assembled in North America.

Also read: Automotive market is improving, Nissan achieved sales growth of 4.6 percent

Currently, all Hyundai and Kia electric vehicles sold in the North American market are manufactured in South Korea, so they are not eligible to receive the credit.

However, they may be eligible for support when their products are used for commercial purposes such as leasing. This was quoted by Yonhap, Sunday (12/11).

Also read: Tesla has collaborated with JD.com to expand online presence in China

Reporter:
Editor: Sati Zulekha
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