Hyundai Motor America reported a monumental achievement in its November sales figures, marking an exceptional 11% increase compared to the same period last year, Electrek details in a report.
The 70,079 units sold not only reflected a remarkable surge but also solidified the brand's 16-month consecutive sales growth, affirming Hyundai's sustained upward trajectory in the automotive market.
Hyundai's Record-Breaking Sales
A standout in this historic November sales is the astounding performance of the Hyundai IONIQ 5, propelling Hyundai's electric vehicle segment to new heights.
The IONIQ 5 witnessed an extraordinary surge in sales, soaring an impressive 99% above the figures recorded in November of the previous year. This surge is a testament to the evolving landscape of the electric vehicle market and Hyundai's proactive role within it.
Throughout the year, Hyundai has demonstrated consistent growth with its EV lineup, notably showcasing the IONIQ 5's ascent. The model has witnessed an exponential increase in demand, with over 30,000 units sold this year, marking a substantial 44% surge compared to the same period last year.
The company's strategic push in the EV segment continues to pay dividends as Hyundai maintains its stance as a formidable player in the electric vehicle market.
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Hyundai's IONIQ 5.
Hyundai's Top-Selling EV Lineup
The surge in IONIQ 5 sales is not an isolated triumph for Hyundai's electric vehicle enterprises. The company's commitment to innovation and sustainability is reflected in the across-the-board success of its models.
The IONIQ 6 witnessed a 12% rise in sales from October, showcasing a growing interest in Hyundai's dedicated EV lineup.
Moreover, the Hyundai Kona, another crucial player in the electric vehicle domain, experienced a commendable 25% sales increase in November, underlining the widespread consumer appeal for Hyundai's EV offerings.
Hyundai Gains More Ground in the EV Market
In the fiercely competitive US EV market, Hyundai's surge in sales has propelled the brand to the second position, trailing only behind industry giant Tesla.
The registration data from Automotive News underscores Hyundai and Kia's joint claim of 7.5% of the market, surpassing notable contenders such as GM's Chevy and Ford.
While Tesla continues to dominate with a significant 57.4% market share, Hyundai's notable rise signifies a substantial shift in consumer preferences toward electric vehicles beyond the Tesla brand.
Despite the absence of qualification for the EV tax credit, Hyundai has managed to incentivize its electric vehicle purchases by offering a complimentary EV charger with the lease or purchase of select models. This strategic move underscores Hyundai's commitment to furthering its foothold in the rapidly evolving EV market.
Hyundai's President, Jose Munoz, expressed unwavering confidence in the brand's EV trajectory, noting a doubling of EV sales year-over-year.
Munoz's optimism resonates with Hyundai's ongoing construction of its inaugural EV and battery plant in the US, a $5.5 billion endeavor that aims to bolster Hyundai's EV production capacity significantly.
The plant, set to be operational by October next year, is pivotal in Hyundai's bid to qualify for the EV tax credit, a move anticipated to further amplify the momentum of its electric vehicle sales.
Munoz emphasized Hyundai's proactive stance, stating, "Based on what I see, I need more. If I had more capacity today, I could sell more cars."
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