Non-Tesla brands are gaining ground in new electric vehicle registrations
Hyundai Motor Group galloped Ford Motor Co.. for the No. 2 spot in the US EV horse race.
Through August, the South Korean automaker reported 43,072 new registrations of electric vehicles across its Kia, Hyundai and Genesis brands – representing a combined share of 9.4%, according to data from Experian Automotive.
For the same period, Ford recorded 33,354 new registrations, or 7.3% market share, fueled by strong demand for the Mustang Mach-E.
The electric crossover has had 25,596 registrations, making it the third best-selling electric vehicle in the United States.
The three Hyundai brands represent a formidable new competitorwith the ambition to bring four new electric vehicles to the United States by the end of next year.
Electric vehicle industry analyst Sam Abuelsamid noted that Hyundai Motor Group has had the advantage of having more models available in higher volumes for most of this year.
“The Lightning only started shipping in significant volume in July, and Ford is still facing various production constraints due to various component supplies,” said Abuelsamid, principal analyst at Guidehouse Insights.
But Ford may have a short-term advantage over the Koreans, thanks to the recently signed Inflation Reduction Act, designed to encourage domestic production of electric vehicles and reduce reliance on foreign supply chains. .
Mach-E and Ford F-150 Lightning pickups built in North America are eligible for a $7,500 EV tax credit, while EVs made in Korea by Hyundai are not.
But that will change in the future, as Hyundai moves forward with plans to build a $5.5 billion EV and battery plant near Savannah, Georgia.
Additionally, the hot-selling Mach-E could see its momentum slow next year when it loses tax credit eligibility as new procurement rules come into effect.