Hyundai 'doubling down' on EVs in US amid market slowdown
What's the story
Hyundai Motor America is ramping up its commitment to electric vehicles (EVs), despite a noticeable slowdown in EV sales.
As stated by CEO Randy Parker, the automaker plans to heavily invest in its EV strategy, including the establishment of a $7.6 billion dedicated manufacturing facility in Georgia.
"While other manufacturers are pulling back on their electrification strategy, we continue to be focused on our products," Parker told The Verge.
Performance
Hyundai's EV sales surge despite market challenges
Hyundai's electric models, including the popular IONIQ 5 and IONIQ 6, the recently refreshed Kona Electric, and the 2024 World Performance Car award winner IONIQ 5 N, have been performing well despite a general slump in EV demand.
In March 2024 alone, Hyundai sold 14,798 EVs across its three battery-electric models in the US — a significant increase of 53% over the previous year's sales.
"We're doing okay in the United States," Parker stated optimistically about their domestic outlook.
Strategy
Addressesing market challenges head-on
Despite a 4.8% decrease in worldwide sales of electrified models in the first quarter of 2024, and a 2.3% year-over-year (YoY) drop in global operating profits, Hyundai is implementing strategies to counter common concerns deterring potential buyers.
The automaker is launching a 24-month lease program for IONIQ 5 and IONIQ 6 models. Initially, this program will be for the US.
Per Hyundai, both vehicles offer "class-leading range" and feature an advanced architecture that adds significant mileage in minimal charging time.
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