[News Article] Hyundai Motor Group ranks No. 2 in US EV sales
Hyundai Motor Group
ranks No. 2 in US EV salesBy Byun Hye-jin, The
Korea Herald - Hyundai Motor Group became the second-largest car brand in terms
of sales in the US electric vehicles market in the first quarter of this year,
data showed Monday. Following Tesla’s
336,892 units, Hyundai and its smaller affiliate, Kia, sold 38,457 units in the
first half of this year, up by 11 percent compared to 2022, according to auto
market tracker Motor Intelligence, cited by CNBC. Hyundai-Kia outpaced
General Motors, which was second in EV sales during the January - June period
last year. The number of electric cars and trucks sold by the US automaker more
than tripled to 36,322 units. Volkswagen and Ford
Motor Company came in at fourth and fifth place after selling 26,538 units and
25,709 units, respectively. Industry insiders
say Hyundai has taken advantage of the loophole in the US’ Inflation Reduction
Act by collecting EV consumer tax credits of up to $7,500 on their leased cars. The law is meant to
offer a tax credit for purchases of EVs assembled in North America and that
consist of critical materials extracted or processed from the US or in a
country that has a free trade agreement with the US, or are recycled in North
America. But following several automakers’ requests -- including Hyundai’s --
the US Treasury issued its approval for the tax credit to extend to leased cars
in the IRA guidance in December 2022. Hyundai has ramped
up its EV leasing from around 2 percent early this year to more than 30
percent, according to Hyundai Motor America CEO Randy Parker. The data, however,
showed the sales gap between the No. 1 EV maker, Tesla, and Hyundai recorded
298,435 units, which has widened to more than double the gap between last
year's No. 1, Tesla, and No 2., GM. “Hyundai’s EV plant
in Georgia, the US, will start operations as early as next year. We believe
more Hyundai cars will be eligible for IRA incentives, closing the sales gap
with Tesla,” said an official from Hyundai Motor Group. In a move to
accelerate EV production in the US, the carmaker is setting up two joint
battery manufacturing plants each with LG Energy Solution and SK On. The
combined annual production capacity is projected at 65-gigawatt-hours, enough
to supply approximately 600,000 units of electric cars. Source:
http://www.koreaherald.com/view.php?ud=20230710000622&np=1&mp=1
2023.07.12
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