Move Over Ford And General Motors, There's A New No. 2 Electric Vehicle Maker In The US Behind Tesla
Portfolio Pulse from Chris Katje
Hyundai Motor Company has become the second-largest electric vehicle maker in the U.S., surpassing Ford and General Motors, with a 10% market share. Hyundai's growth is driven by increased sales of its Ioniq models and strategic expansion plans, including new plants in Georgia.
August 20, 2024 | 7:57 pm
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NEGATIVE IMPACT
Ford's market share in the U.S. EV market is now 7.4%, trailing behind Hyundai. Hyundai's growth and new production facilities could further challenge Ford's position.
Hyundai's rise to the second-largest EV maker in the U.S. with 10% market share puts pressure on Ford, which has a smaller share of 7.4%.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
General Motors holds a 6.3% share of the U.S. EV market, now behind Hyundai. Hyundai's strategic moves and new plants could further impact GM's market position.
Hyundai's market share growth to 10% surpasses GM's 6.3%, indicating a competitive challenge for GM in the U.S. EV market.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Tesla's U.S. market share has fallen below 50% as Hyundai emerges as a strong competitor in the EV market. Hyundai's growth could pressure Tesla's dominance.
Hyundai's increase in market share to 10% and strategic expansion plans pose a competitive threat to Tesla, which has seen its market share fall below 50%.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80