Hyundai Doubles Down on EVs As Demand Cools
At a test drive program for Hyundai several months ago the most striking stat in the tech briefing was that electrified vehicles accounted for 20% of total brand sales. To put that into context … all US EV sales nationally barely broke 2% until last few years, and now the 3rd largest carmaker in the world is posting double digit EV sales.
In recent months a succession of automotive executives from across the industry have done an EV walk back in response to the drop off in public enthusiasm and sales.
The big bump in EV sales in the past two years coincides with the release of EV models by every major car maker – especially the Hyundai Group — looking to catch up to Tesla’s 57.4% sales lead. Even with that edge Elon Musk controversially cut prices to attract more buyers.
As other car makers announce EV production slowdowns, temporary plant closings and price reductions, Hyundai is making moves globally to channel even more resources into EV models like the enormously popular Ioniq 5 and even more impressive Ioniq 6 and a new Kona EV due out soon.