Hyundai Motor Group has out-galloped Ford Motor Co. for the No. 2 spot in the U.S. EV horse race.
Through August, the South Korean automaker reported 43,072 new registrations of electric vehicles across its Kia, Hyundai and Genesis brands — accounting for a combined 9.4 percent share, according to data from Experian Automotive.
For the same period, Ford reported 33,354 new registrations, or 7.3 percent, share, powered by strong demand for the Mustang Mach-E.
The electric crossover reported 25,596 registrations — making it the third best-selling EV in the U.S.
The three Hyundai brands represent a formidable new competitor, with ambitions to bring four new EVs to the U.S. by the end of next year.
EV industry analyst Sam Abuelsamid noted that Hyundai Motor Group has had the advantage of more models available in higher volumes through most of this year.
“The Lightning didn’t start shipping in significant volume until July, and Ford is still facing a variety of production constraints due to various component supplies,” said Abuelsamid, principal analyst at Guidehouse Insights.
But Ford may have a short-term advantage over the Koreans, thanks to the recently signed Inflation Reduction Act, designed to incentivize domestic EV production and reduce reliance on foreign supply chains.
The North America-built Mach-E and Ford F-150 Lightning pickup qualify for a $7,500 EV tax credit, while Hyundai’s Korea-made EVs do not.
But that will change in the future, as Hyundai moves ahead with plans to build a $5.5 billion EV and battery factory near Savannah, Ga.
Moreover, the hot-selling Mach-E could see its momentum slow next year when it loses tax credit eligibility as new sourcing rules take effect.
