Ford, GM, and Stellantis will win the largest share of the US EV market over the next four years, but it won’t be easy.
Ford, GM, and Stellantis gain on Tesla in US EV market
According to Bank of America’s (BofA) annual “Car Wars” report, “The next four+ years could be some of the most uncertain and volatile for product strategy ever,” with EV launches accelerating, uncertainty regarding ICE vehicles, and the possible last-minute product cancellations.
BofA says, “ICE dominance is over,” with electric cars expected to account for a larger portion of new model launches from 2024 to 2027 (46% EV vs. 35% ICE) with another 18% hybrid.
Electric vehicle sales broke another record in the first quarter of 2023, claiming over 7% of the US auto market for the first time, and the trend is only expected to accelerate from here.
The Car Wars analysis points to EVs representing as much as 26% of total US auto sales by 2026, fueled by the Inflation Reduction Act and growing demand for electric vehicles.
Source: BofA Global Research
As a result, BofA says that although “Tesla’s dominance in this still nascent market segment may be coming to an end, it will remain an important factor.” The report forecasts Tesla’s market share will fall from a peak of 78% in 2018 to about 18% by the end of 2026.
Tesla will remain the most significant player in the US EV market, but Ford, GM, and Stellantis are projected to be the biggest share gainers.
Source: BofA Global Research
Ford and GM are both projected to reach 14% EV market share in the US, while Stellantis, which has been slower than its rivals, is expected to hit 8%.
Based on product pipeline forecasts and powertrain offering expectations, the report notes GM, Stellantis, VW, and Hyundai/Kia are pushing the most aggressively into EVs, with several new models.
Detroit’s big three take different approaches
After selling over 20,000 electric cars for the first time in Q1, GM expects a breakout over the next few years with several high-volume launches from the Chevrolet brand, including a Blazer EV, Equinox EV, and Silverado EV.
Chevy Blazer EV (source: GM)Chevy Equinox EV (source: GM)2024 Chevy Silverado EV RST (source: Chevrolet)
By 2025, GM expects to be able to produce one million EVs annually with an electric car in 10 segments.
GM’s Cadillac is set to introduce several new EV models after teasing the electric Escalade IQ ahead of its debut on August 9. Meanwhile, GMC and Buick will have their own EV variants (perhaps, something similar to the recently launched Buick E4 electric SUV for China).
Stellantis has so far been a laggard in the US EV market but plans to catch up by launching nearly as many electric models as GM.
The automaker aims to release 75 EV models with five million in sales by 2030. RAM, under the Stellantis umbrella, is launching its first electric pickup, the 2025 RAM 1500 REV, set to take on Ford’s F-150 Lightning. Jeep is also releasing its first EVs in the US, the Recon and Wagoneer S, later this year.
Ford has taken a different route, focusing on a few high-volume models such as the F-150 Lightning, Mustang Mach-E, and electric Explorer (released in Europe). The American automaker separated into three divisions to funnel cash from its ICE vehicle business to fund its EV strategy.
Ford F-150 Lightning (Source: Ford)Ford’s electric Explorer released in Europe (Source: Ford)
The report notes Hyundai and Kia have taken a similar approach to Volkswagen (IONIQ 4/5/6/9 vs. ID 3/4/5/6/7). The Japanese automakers, including Toyota, Honda, and Nissan, are on the lower end of the spectrum, reflecting a greater focus on hybrids. Car Wars assumes most other EV OEMs (Rivian, Lucid, Fisker, etc.) will be “moderately successful in commercializing product.”
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Kia officially opened its first production hub dedicated to building electric vans. Once fully operational, Kia’s Hwaseong EVO Plant will be about the size of 42 soccer fields.
Kia opens new production hub for PBV electric vans
The dedicated production facility was first announced in 2022 as part of Kia’s new Platform Beyond Vehicle (PBV) business strategy.
Kia’s PBV plant is a cornerstone of its plans to become a leader in the light commercial electric van market by 2030.
On Friday, Kia took a big step by opening the first phase of its production hub. Kia announced on November 14 that it has now officially completed the Hwaseong EVO Plant East portion and broke ground on the EVO Plant West site.
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A completion ceremony was held at Kia’s Autoland Hwaseong plant, attended by around 200 guests, including South Korean Prime Minister Kim Min-seok and Hyundai Motor Executive Chairman Euisun Chung.
The new EVO Plant East is a 98,433 square-meter site with an annual production capacity of 100,000 units. Kia will build the PV5, its first electric van, including the Passenger, Cargo, Chassis Cab, and Wheelchair Accessible Vehicle (WAV) models.
The EVO Plant West spans 136,671 square meters and will add 150,000 units of Kia’s upcoming larger PBV vans, including the PV7.
Kia also operates a dedicated PBV conversion center, where it builds custom models based on the PV5, including open-bed trucks, camper vans, and box vehicles.
Kia PV5 tech day (Source: Kia)
Combined, the entire PBV Production hub will have an annual capacity of 250,000 units, spanning over 303,750 square meters, or about the size of 42 soccer fields.
Kia is already delivering the PV5 Passenger and Cargo variants in South Korea and Europe, with plans to continue rolling it out to new markets over the next few months.
Last month, the PV5 Cargo set a new Guinness World Record for the greatest distance travelled by a light-duty battery-powered electric van with maximum payload.
In Europe, the PV5 Passenger is available with two battery packs: 51.5 kWh and 71.2 kWh, delivering WLTP ranges of 183 miles and 256 miles, respectively. The Cargo variant has the same battery pack options, but is rated with WLTP ranges of 184 miles and 258 miles.
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Black Friday and Cyber Monday just got a whole lot more electrifying, thanks to isinwheel. The urban mobility brand known for its powerful electric bikes, electric scooters, and electric skateboards is kicking off its biggest sale of the year from November 14 through December 1. True to its motto – Move Smart, Move Fun – isinwheel blends intelligent tech with pure riding joy, and now you can snag your dream ride for a whole lot less.
During the BFCM event, in addition to generous markdowns, shoppers can stack savings like never before: get an extra 10% off when you buy two items, plus up to $100 in additional discounts on bigger orders ($30 off $500, $50 off $1,000, and $100 off $1,500). Members will earn 5X points that can be redeemed for accessories, and Electrek readers get something special: use promo code electrek50 for an exclusive $50 off any isinwheel product.
Time to ride smarter, faster, and more fun this holiday season – check out the deals below.
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Save on the isinwheel S Nova Pro Commuting Electric Scooter this Black Friday and Cyber Monday
Meet the S Nova Pro Commuting Electric Scooter – built for city riders who want it all: power, comfort, and style. It’s made for commuters who crave more speed and range than your average scooter but don’t want the bulk of an off-road beast.
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With 1,000W max power, a top speed of 28 mph, and up to 38 miles of range, the S Nova Pro keeps you flying through the streets with ease. Its 10-inch pneumatic tires smooth out bumps and cracks, giving you steady, comfortable rides from start to finish.
isinwheel H7Pro 1200W High-End Commuting Electric Scooter with Seat
The H7Pro 1200W High-End Commuting Electric Scooter with Seat is designed for riders seeking a premium blend of power, comfort, and versatility. Designed for daily and urban commuting, the H7Pro delivers a convenient, smooth, and safe ride whether you’re zipping through city streets or cruising along park paths.
Powered by a robust 1,200W motor and a 48V 18.2Ah battery, the H7Pro electric bike scooter can hit speeds of up to 38 mph and travel as far as 43 miles on a single charge. That blend of performance and range makes it an ideal pick for speedy runs and long-distance rides.
Its 16-by-4-inch all-terrain pneumatic tires handle almost anything you throw at them – from city pavement to gravel, sand, or even snow – giving you excellent traction and stability across all conditions.
For even more control, the isinwheel Club app lets riders fine-tune their experience. You can switch between speed modes, adjust ambient lighting, monitor battery life, lock your scooter, and access navigation, all from your phone.
isinwheel GT4 2400W Dual Motor Off-Road Electric Scooter
The GT4 2400W Dual Motor Off-Road Electric Scooter is designed for riders seeking serious off-road power and control. With dual 2400W motors and eight riding modes, it hits a top speed of 45 mph and can tackle steep 50% grades without breaking a sweat. Its 12-by-2.75-inch all-terrain tires and dual swingarm suspension deliver a smooth, stable ride whether you’re carving up dirt trails or gliding over rough pavement. The rugged, all-aluminum unibody frame supports up to 330 pounds, and the bright LED lighting system, combined with hydraulic disc brakes, keeps you safe and visible, no matter where or when you ride.
Range anxiety? Not here. The GT4’s upgraded 52V 18.2Ah lithium battery offers up to 50 miles of range on a single charge, making it ready for both long off-road runs and extended city commutes.
You can also take full control of your ride from your phone with the isinwheel Club app. Customize speed modes, monitor your battery health, track your rides in real-time, and even tweak your lighting effects.
Black Friday deals on isinwheel’s U8 Electric Bike for Adults
The U8 Electric Bike for Adults packs serious power into a compact frame designed for city riders who don’t want to compromise on performance. Its 1000W max motor makes it a Class 3 e-bike that tops out at 28 mph, giving you the muscle to cruise through long commutes or conquer steep hills with ease. With up to 75 miles of range on a single charge, this cruiser bicycle is built to go the distance, whether you’re commuting, exploring, or just out for fun.
The U8 combines comfort and capability with its 20-by-3-inch fat tires, which grip the road or trail with confidence, and a smooth-shifting professional Shimano 7-speed drivetrain that makes every ride feel effortless. (It’s also available as a 26-inch bike.) The step-thru frame design makes getting on and off simple and convenient – perfect for urban riders on the go.
Its fully removable lithium battery can be charged on or off the bike, so you can top up anywhere and keep it secure when parked. The isinwheel U8 brings together power, comfort, and versatility for an all-around electric bike that’s ready for anything your day throws at it.
isinwheel V10 Off Road Electric Skateboard with Ambient Light & Remote Control
The V10 Off-Road Electric Skateboard with Ambient Light & Remote Control takes electric skateboarding to the next level. With dual 1500W belt motors (that’s 3000W total), this off-road longboard can hit speeds up to 32 mph and cover up to 28 miles on a single charge. Whether you’re chasing thrills or want a speedy commute, the V10 delivers both speed and stability thanks to its powerful setup and solid build.
Four ride modes let you fine-tune your speed and acceleration, from casual cruising to full-throttle adrenaline. The high-capacity lithium-ion battery keeps the adventure going, letting you carve across city streets or rugged trails without worrying about running out of juice.
The V10’s deck combines bamboo and 8-ply maple with a layer of fiberglass for the perfect balance of strength and flexibility. Its 6-inch honeycomb rubber off-road wheels are built to handle all kinds of terrain –from gravel and grass to dirt and pavement – while staying smooth and responsive.
An ergonomic handheld remote puts control right at your fingertips, displaying real-time metrics like speed, battery life, and mode. For nighttime rides, built-in LED lights boost visibility and style. You can even customize the ambient lighting with effects that range from pulsing strobes to flowing color fades, because every ride should look as good as it feels.
Hyundai and Kia scored a win on Friday after the South Korean government pledged to boost EV subsidies by 20%.
Hyundai and Kia get a lift with government EV support
Hyundai Motor, including Kia and Genesis, is going all-in on the US market, pledging to ramp up local production and introduce a range of new electrified vehicles.
Like many others, the new 25% tariffs for exports to the US have already taken a toll on the South Korean auto giant. Hyundai said it took about 1.8 trillion won ($1.2 billion) in tariffs-related losses in the third quarter. Kia reported a 1.2 trillion won ($830 million) hit.
To help it overcome the extra costs, the South Korean government said it will increase EV subsidies by 20% next year.
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The South Korean Ministry of Foreign Affairs announced on Friday (via Reuters) plans to raise EV subsidies by 20%, from 780 billion won ($540 million) this year to 936 billion won ($645 million) in 2026.
Hyundai IONIQ 9 models, which are built at the HMGMA EV plant in Georgia (Source: Hyundai)
South Korea also committed over 15 trillion won ($10.3 billion) in financial support for domestic auto parts and car makers in 2026, including low-interest-rate loans and guarantees.
The government is ramping up investments in next-generation vehicles, aiming to produce fully autonomous cars domestically by 2028. South Korea is dedicating an extra 50 billion won, on top of the 150 trillion won in funding, to advance the new tech. It’s also looking to incentivize automakers to reach specific targets, such as five-minute fast charging, a 1,500 km (932 miles) driving range, and prices on par with gas vehicles by 2030.
2026 Kia EV9 (Source: Kia)
Separately, the US and South Korea agreed to lower tariffs on imported goods, including vehicles from 25% to 15%. The lower rate puts South Korean automakers like Hyundai and Kia on par with Japanese brands. Japan reached a similar deal with the US in September.
Despite the tariffs, Hyundai and Kia both set new third-quarter sales records in the US. Combined, they sold over 480,000 vehicles, an increase of 12% compared to Q3 2024.
2025 Hyundai IONIQ 5 at a Tesla Supercharger (Source: Hyundai)
To offset the loss of the $7,500 federal tax credit, Hyundai and Kia are offering some of the most significant discounts on EVs in the US.