Due to the U.S. Inflation Reduction Act
Due to the influence of the U.S. Inflation Reduction Act (IRA), Hyundai Motor Group lost its second place in the U.S. electric vehicle (EV) market to Ford.
Ford sold 53,752 EVs in the United States from January to November of this year, surpassing the combined sales of 53,663 units of Hyundai Motor Co. and Kia Corp.
As of the first half of this year, Hyundai Motor Group stood second after Tesla, but Ford took second place in the second half based on an increase in sales of the Mustang Mach E. Even before the shock waves from the IRA, which went into effect in August, hit the U.S. EV market in earnest, Hyundai Motor Group seemed to be falling out of competition.
Next year, Hyundai Motor Group is bound to face an even bigger blow. All electric vehicles including the IONIQ 5 and the EV6 have been excluded from tax credits because they are produced in Korea and exported to the United States. Hyundai Motor Group plans to build an electric car factory with an annual capacity of 300,000 units in Georgia of the United States, but its operation is slated to start in 2025.