Hyundai Motor, including Kia top Ford and GM in US EV market with affordable EVs

Hyundai Motor Group, including Kia, is using affordability to gain market share in the US. With low-cost electric cars, Hyundai Motor, along with Kia, surged past American automakers Ford and GM in the US EV market in the first three months of 2024.

Hyundai, Kia top Ford, GM in EV sales with affordability

After the IONIQ 5 was the sixth best-selling EV in the US last year with nearly 34,000 units sold, Hyundai (and Kia) are starting the year strong in the US.

Hyundai’s best-selling electric SUV, the IONIQ 5, set a new sales record last month, pushing EV sales up 100% over last year.

Through the first three months of 2024, Hyundai sold 6,822 IONIQ 5 models, another record. Hyundai’s second dedicated EV, the IONIQ 6, saw sales surge 1,542% in Q1 to 3,646.

After a major refresh this year, Hyundai’s Kona EV was another big reason behind the brand’s success. Hyundai upgraded the 2024 Kona Electric in every way, adding more range, faster charging, and a new stylish design.

Although Hyundai doesn’t break down Kona sales (there are also two gas-powered versions), sales of the subcompact crossover rose 20% in Q1, with 23,054 units sold.

Starting under $33,000, the 2024 Hyundai Kona Electric is one of the most affordable EVs on the US market.

In fact, new research from auto research firm CarsDirect shows the Kona EV is one of the cheapest cars to lease in the US at just $169 per month. And that’s including gas-powered cars.

Affordable EVs are winning

The other cheapest vehicle to lease (gas or EV) is Hyundai’s IONIQ 6, starting at just $239 per month.

According to a new report from Boston Consulting Group, the IONIQ is the only EV that meets potential buyers’ range, charging, and price targets. Tesla’s Model 3 was the next closest to hitting the mark.

Hyundai’s last EV on the US market, the IONIQ 5, is one of the most affordable in its class. It also has more range or features than most rivals.

Hyundai is offering a rare 0% finance deal on the IONIQ 5, with lease payments starting as low as $229 per month.

Meanwhile, Kia launched a new lower-priced Light Long Range EV6 model this year, starting at $45,950 with up to 310 miles range. The new trim helped boost sales to 4,059 through the first three months of 2024, up from 3,392 last year.

The affordability has helped Hyundai Motor, including Kia, top Ford, and GM in the US EV market through the first quarter.

Ford sold 20,223 electric cars in the first quarter of 2023, while GM sold 16,425. The Hyundai IONIQ 5 and IONIQ 6, combined with Kia’s EV6 and EV9, sold over 18,500 EVs in Q1.

However, that does not include the Kona or Niro EVs. With both included, Hyundai Motor is expected to have sold easily over 25,000, if not 30,000, EVs in the US last quarter. And that’s not even including its luxury Genesis brand.

Despite Kia’s recent shift to introduce more hybrids, the company is doubling down on affordable electric cars. The EV2, EV3, EV4, and EV5 are rolling out over the next few years, with starting prices expected between $25,000 and $50,000.

Ford is also shifting plans to focus on smaller, more affordable electric models as it looks to compete with Tesla and low-cost Chinese automakers like BYD. The company is developing a new low-cost EV platform, with the first models expected to be a smaller electric pickup and SUV, set to launch in 2026.

Meanwhile, GM is phasing out its cheapest EV, the Bolt (for now), as it works to ramp production of its Ultium-based models like the new Chevy Equinox and Blazer EVs.

Chevy expects the Equinox to be one of the cheapest EVs with up to 319 miles range, but that’s for the 1LT rolling out later this year. For now, the cheapest Equinox (2LT) starts at $43,295. Meanwhile, Blazer EV prices starting just over $50,000. The brand does plan to introduce a new Ultium Bolt model next year with lower-priced LFP batteries to drive down costs.

Are you ready for your next electric vehicle? Now is one of the best times to start shopping, with some of the lowest prices offered on EVs so far. You can use our links below to find deals on Hyundai and Kia electric vehicles at a dealer near you.