Hyundai finds its ‘sweet spot’ with EVs in the US as it braces for new competition

Hyundai believes it has found the “sweet spot” with three long-range, fast-charging, and affordable EVs available in the US. With rivals launching new electric models this year, Hyundai expects stronger competition in the second half of the year.

After setting a new EV sales record in Q2, Hyundai feels “pretty bullish about the second half,” according to Hyundai’s US CEO Randy Parker.

Parker told Automotive News that Hyundai has found its “sweet spot” with EV sales gaining momentum. Hyundai’s EV sales were up 15% year-over-year in the second quarter.

Hyundai’s dedicated IONIQ 5 and IONIQ 6 EVs set new sales records in Q2. The IONIQ 5 is one of America’s top-selling EVs, with 18,728 models sold through the first half of the year.

Despite the uptick in sales, Parker said the second half of the year is “going to be tough” as new EVs hit the market.

Rivals like GM’s Chevy and Honda launched new models that will compete in the same segment as Hyundai’s IONIQ 5.

Hyundai finds its sweet spot as new EVs hit the market

GM launched the Chevy Equinox and Blazer EVs. Starting at $43,295, the Chevy Equinox EV 2LT FWD is in the same price range as the IONIQ 5 ($43,175). Meanwhile, GM says a lower-priced ($35,000) trim will be available later this year.

After deliveries kicked off in May, GM delivered 1,013 Equinox EVs in Q2. It also handed over 6,634 Blazer EVs.

Meanwhile, others, including Ford, Rivian, Nissan, Toyota, and others, are all ramping up production, expecting to gain market share in the second half of 2024.

In a recent interview with Electrek, Parker told us Hyundai is “humble and hungry” to separate itself from the competition. Hyundai is giving buyers confidence with long-range, fast-charging EVs at an affordable price.

Hyundai already has six of the top ten most fuel-efficient EVs in the US this year, with the IONIQ 6, IONIQ 5, and new Kona Electric all making the list.

However, it plans to continue improving its models to stay ahead of the competition. The new IONIQ 5 update, revealed in Korea, features more range, faster charging, and a sleeker design.

You can see Hyundai’s transformation in the new Kona Electric. The 2024 model looks like a complete redesign. Perhaps, more importantly, it features more range with faster charging. Starting under $33,000, the 2024 Kona Electric is one of the most affordable EVs in the US.

According to online auto research firm CarsDirect, Hyundai’s 2024 IONIQ 5 SEL is the best SUV lease deal (EV or gas-powered) in July, starting at $259 per month. And that’s with up to 303 miles range and fast charging in 18 minutes.

Are you ready to see why Hyundai’s long-range, fast-charging EVs are taking the US by storm? We can help you get started today. Click the links below to find deals on Hyundai’s electric models at a dealer near you.