Hyundai, Kia Steadily Dominating the EV Race
Coinspeaker
Hyundai, Kia Steadily Dominating the EV Race
Hyundai Motor Company and Kia Corporation are now the leading names in the electric vehicle space. The South Korean carmakers, earlier this year, unveiled two new battery-powered cars, the Hyundai Ioniq 5 and the Kia EV6, which subsequently led the sales chart, surpassing the Nissan Leaf, Chevrolet Bolt, and every other electric vehicle on the market except those made by Tesla.
Although Tesla still sells far more electric cars, it took the company ten years to produce as many electric automobiles as Hyundai and Kia did in a matter of months, a feat that has impressed even Elon Musk. Hyundai and Kia sold 21,467 of these two electric vehicles in the US this year through May, outselling even the popular Ford Mustang Mach-E, which was purchased by 15,718 drivers.
“From an EV perspective, they’re just kind of cleaning the floor,” Edmunds analyst Joseph Yoon stated. “I honestly don’t know if any dealers around me have any in stock.”
According to Steve Kosowski, manager of long-range strategy at Kia America, the design of the current hits started six years ago and, coupled with Hyundai’s status, the car was bound to succeed.
However, at the time the design was created, the Chevrolet Bolt had just hit the market, and Kia decided on a car similar in size and scope. In the end, something much bigger, sportier, and swankier, at a slightly higher cost, was approved by Mr. Kosowski and the company.
“The thinking was, with the platform we have and the market understanding we have, let’s put together a really bold, breakthrough proposition,” he said. “We’re going to make a statement that Kia is here.”
Both the Ioniq 5 and the EV6 have the cargo space of a small SUV, a vehicle type that has recently been popular in US garages because of its size and design. Both vehicles also have the same modular structure, have identical motors and batteries, and have similar speed ratings.
They are equipped with screens and charge at some of the quickest rates in the business, extending their range by about 26 kilometers per minute in ideal circumstances. Additionally, both vehicles also offer a couple of features that are novel in the space including pedals to adjust regenerative braking and bi-directional power.
According to Mr. Yoon, Hyundai and Kia are attracting buyers with lower budgets who might have otherwise purchased a basic sedan because their starting price is around $40,000.
“These two cars have come in kind of at the right price and the right size for a lot of buyers,” Mr. Yoon said. “And I think there’s a level of inherent trust with a big manufacturer getting in the game with a mainstream,” he stated.
Another factor that has led to the rise in the purchase of Hyundai Ioniq 5 and the Kia EV6 is a surge in both climate concern and petrol prices.
Although battery-powered cars are in high demand, only a tiny number of the about 30 models available for purchase on the US market can be purchased for less than $45,000 ($65,000), and the majority of those are very small, out-of-date vehicles.