Hyundai stands as No. 2 EV player in U.S. market despite IRA

SEOUL, South Korea's Hyundai Motor Group stands as the second-largest player in the U.S. market for electric vehicles despite concerns surrounding Washington's protectionism policy, data showed Sunday.

Hyundai Motor Co. took up 4.8 percent of the U.S. EV market in the January-September period, with its smaller sister Kia Corp. accounting for 2.7 percent, according to U.S. magazine Automotive News.

Their combined market share came to 7.5 percent, taking up the second-largest slice of the U.S. EV market following Tesla Inc., which posted a 57.4 percent share.

Chevrolet accounted for 5.9 percent, followed by Ford Motor Co. with 5.5 percent.

Hyundai's latest performance came amid the U.S. Inflation Reduction Act (IRA), which provides tax credits of up to $7,500 to purchasers of electric vehicles that are assembled in North America.

Currently, all Hyundai and Kia EVs sold in the North American market are manufactured in South Korea, making them not eligible to receive the credits. Nevertheless, their products can qualify for the support when used for commercial purposes, such as leasing.

Source: Yonhap News Agency