These companies are slowly dominating the EV race

Hyundai and Kia launched two new battery-powered cars, earlier this year. Hyundai Ioniq and Kia EV6, soon after their release tore up the sales charts, passing Nissan Leaf, Chevrolet Bolt, and every other electric vehicle on the market not made by Tesla.

Hyundai sold 21,467 of these two machines, besting even the white-hot Ford Mustang Mach-E, which was snapped up by 15,718 drivers, in the US this year through May. 

Edmunds analyst Joseph Yoon said, “From an EV perspective, they’re really just kind of cleaning the floor,” proceeding to add,  “I honestly don’t know if any dealers around me have any in stock.”

Although Tesla still sells far more cars, it took the company a decade to deliver as many electric vehicles as Hyundai did in a few months. 

Hyundai started designing its current hits about six years ago, according to Steve Kosowski, manager of the long-range strategy at Kia America. 

“The thinking was, with the platform we have and the market understanding we have, let’s put together a really bold, breakthrough proposition,” Kosowski added, “We’re going to make a statement that Kia is here.”

The current waitlist for the EV6 is about six months long and the average transaction price is a few thousand dollars about the sticker price, according to Bloomberg Intelligence. So far, roughly three in four EV6 buyers were previously driving a car from another brand, according to Kia, and only one in 10 had previously owned a plug-in vehicle.

Hyundai is planning to launch a new battery-powered car every year for the rest of the decade and is spending $16.5 billion to boost EV production in South Korea. By 2030, the South Korean company aims to claim 12% of the global EV market, some 3.2 million cars, and trucks. “They definitely have a leg up,” Yoon says.

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