On Jan 13, The Korea Automobile & Mobility Association said Hyundai Motor Group (HYMTF, Financial) remained the second largest electric vehicle (EV) seller in the US market after Tesla (TSLA, Financial). Hyundai and Kia sold around 123,000 EVs, cutting into a market share of 10%, while Tesla sold 591,400 units. Second was Ford (F, Financial), with 97,865, and General Motors (GM, Financial), with 114,432 units sold.

In the US, Hyundai's flagship electric SUV, the Ioniq 5, ramped up sales by 30.9 percent to 44,400 units. A recovery in tax credits for commercial clean vehicles under the Inflation Reduction Act (IRA) helped bolster its sales its sales to become the first of Hyundai's EV lineup to surpass 100,000 cumulative sales in the US.

When it's produced at Hyundai's Georgia plant in 2025, the Ioniq 5 will be available for IRA incentives. Other models include the Kia EV6 and EV9 and the Genesis GV70. Hyundai is ramping up US production from 30 percent to 70 percent and adding a second line at the Georgia plant capable of producing 500,000 annually.

Hyundai hopes its ties with the new administration will counter the possibility of President-elect Donald Trump's rollback of IRA tax credits and universal tariffs. The company said this is part of its pledge to give $1 million to Trump's inauguration and accelerate US production to accommodate policy changes.

Locally, Hyundai Motor CEO Jose Munoz has stressed localization as a key strategy that is driving the company to the US market, although its regulatory landscape is shifting.