Hyundai has started 2024 strong and expects its momentum to continue with some of the most affordable and efficient electric vehicles (EVs) in the US market.
In an exclusive interview with Electrek, Hyundai Motor America CEO Randy Parker shared the company's commitment to EVs in the US, stating that Hyundai remains "humble and hungry" as it continues to focus on electric mobility.
Hyundai's Electric Vehicle Success
Hyundai is doubling down on its commitment to EVs, setting itself apart from the competition. The company's dedication is evident in its impressive performance, outpacing the US electric vehicle market with a diverse lineup of award-winning EVs, including the IONIQ 5, IONIQ 6, and Kona Electric.
In the first quarter, Hyundai's EV sales surged by 62%, with the IONIQ 5 and Kona Electric setting new sales records. This growth far exceeds the overall US EV market, which grew by only 2.6% in the same period.
Parker noted, "Demand for our vehicles, especially EVs, remains high," highlighting the successful execution of Hyundai's strategy in the US market.
Building Consumer Confidence in EVs
One of Hyundai's primary goals is to give consumers confidence in transitioning to electric vehicles. According to the US Department of Energy, Hyundai boasts six of the top ten most fuel-efficient EVs in the US. The 2024 Hyundai IONIQ 6 Long Range RWD (18" wheels) tops the list with 140 MPGe (combined), followed closely by the 2024 Lucid Air Pure RWD (19" wheels) at 137 MPGe. The IONIQ 5 and Kona Electric also rank high on the list, with 114 MPGe and 116 MPGe, respectively.
Parker emphasized that Hyundai's EVs offer long-range capabilities, fast charging, and sleek designs at affordable prices, making the switch to electric more appealing for potential buyers. The IONIQ 6, in particular, meets consumers' expectations for price, range, and charging time, according to a Boston Consulting Group study.
Despite already competitive pricing, the South Korean automaker is enhancing its value proposition with a $7,500 Bonus Cash offer, reducing the IONIQ 6 starting price to as low as $30,000 (excluding destination). Additionally, the 2024 IONIQ 6 (SE Standard Range) is available for just $189 per month, making it one of the most affordable vehicles in the US.
The redesigned 2024 Kona Electric offers another low-cost option, featuring more range, faster charging, and a bold new design, starting at under $33,000.
Standing Out in the EV Market
While some US automakers like Ford and GM adjust their strategies due to slower-than-expected demand, Hyundai remains steadfast in its commitment to EVs.
"Why would anybody want to purchase an EV from an automaker lobbying against EVs?" If a person is thinking about buying an EV, I think you want to go to a company fully committed to selling EVs in the United States," Parker questioned.
Hyundai's commitment is evident in its investment in a dedicated US-based EV and battery plant in Georgia, set to begin production later this year. This plant represents the state's largest economic project and surpasses Rivian's $5 billion plant outside of Atlanta. Including its suppliers, Hyundai's EV investments in Georgia total over $12.6 billion, creating 50,000 new jobs.
To further support its EV strategy, Hyundai is working with its retail partners to improve charging infrastructure and educate consumers about EVs. Currently, 700 of Hyundai's 840 dealers in the US are IONIQ certified, equipped with Level 3 chargers, training, and certification to sell EVs.
Adopting Tesla Superchargers in Late Quarter
One of the biggest questions for potential buyers is when Hyundai EVs will access Tesla Superchargers. Parker revealed that existing and future Hyundai EV owners will gain access to Tesla's Superchargers in Q4 2024, with Canada following in the first half of 2025. Starting in Q1 2025, Hyundai will begin shipping NACS adaptors, providing access to over 12,000 Tesla Superchargers across North America.
Although no new IONIQ 5 or IONIQ 6 variants are expected soon, Hyundai is excited about the IONIQ 5 N, a high-performance EV. This vehicle, with up to 641 hp and a 0 to 60 mph time of 3.5 seconds, was recently named the 2024 World Performance Car of the Year.
Back in April, Hyundai, along with Kia recalled 3.4 million vehicles in the US because of safety risks. The automakers said that these units have a risk of catching fire.
