Despite concerns over a cooling EV market, Hyundai and Kia are “very bullish” as demand for their electric vehicles remains strong.
Over the past few months, I’m sure you’ve read headlines like “Automakers overestimated EV demand,” but some believe they are right on track. This includes Hyundai, Kia, and several others.
Senior executives from the Korean automakers told Reuters ahead of the LA Auto Show they are seeing strong demand for electric vehicles in the US.
“I am still very bullish on the battery electrics,” explained Jose Munoz, Hyundai’s global president, ahead of Friday’s event. Munoz pointed to doubling EV sales year-over-year as evidence.
Hyundai and Kia’s first dedicated EVs, the IONIQ 5 and EV6, both set US sales records in October. The strong EV demand propelled Hyundai, including Kia, to second in the US EV market behind only Tesla.
Hyundai claimed 4.8% of the US market through September, according to registration data reported from Automotive News.
Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)
Meanwhile, Kia accounted for 2.7% of the market for a combined 7.5%, or 64,000 EVs. Tesla is still in first by a wide margin (57.4%) while GM’s Chevy (5.9%) and Ford (5.5%) slipped.
Hyundai’s growth comes despite not qualifying for the $7,500 EV tax credit. Though the models do qualify through leasing.
In the first nine months of the year, electric vehicle registrations grew 61% to nearly 853,000. Electric vehicles crossed the 7% mark in total US sales in the first half of the year and are on pace to reach 1 million this year, according to BloombergNEF.
12-month trailing EV sales *does not include plug-in hybrids (Source: BloombergNEF)
To put it in perspective, it took 10 years to sell one million EVs in the US, two years to reach the second million, and just over one year to hit the third.
Hyundai and Kia see strong US EV demand
Hyundai has plans to keep the momentum rolling despite delays from American automakers including Ford and GM.
“Based on what I see, I need more. If I had more capacity today, I could sell more cars,” Munoz said. Hyundai began construction on its first US EV and battery plant in Georgia last October. A year later, the company says 99.9% of the foundation work is complete.
Construction of the Hyundai Motor Group Metaplant America general assembly plant and paint shop on October 19, 2023 (Source: HMGMA)
Munoz added “Our investments in the battery electric plant in Savannah (Georgia) move on. So we’re pushing as much as we possibly can to get it ready by October next year.”
He said Hyundai is accelerating its investment and that “We are pulling ahead.” Once production begins, the $5.5 mega complex will enable Hyundai EVs to qualify for the tax credit, boosting its momentum further.
2023 Hyundai IONIQ 5 (Source: Hyundai)
Hyundai followed Tesla last month in slashing lease prices on its most popular models. The IONIQ 5 and IONIQ 6 are offered at some of the cheapest rates since launching.
The automaker also extended its free EV charger promotion with the purchase or lease of select EVs through January 2, 2024. The deal is good on the 2023-2024 Hyundai IONIQ 5 and IONIQ 6, or a 2023 Kona electric.
Electrek’s Take
Although higher interest rates and inflation have stoked fear in some, Hyundai is charging ahead. The company is looking long term with its vision.
The EV market is at an all time high. Sales are about to cross the one million mark in the US. While GM and Ford are pushing back targets, Hyundai sees it as an opportunity.
EV sales will continue growing year-over-year and Hyundai aims to become a top three producer by 2030. Delaying investments now, would only set the automaker back further. Instead, Hyundai is doubling down and accelerating progress at its US electric vehicle plant.
Hyundai is attracting buyers with unique all-electric offerings designed from the ground up. Other EV makers like Rivian, are also seeing growth. The startup raised its production goal to 54,000 for the year after a big Q3 earnings.
Volvo is another automaker that expects the growth to continue. With new models like the EX30 (see our review), starting at around $35K, Volvo looks to stregthen its position in the EV market.
So is the EV market cooling? Or are automakers lowering expectations because newer, more competive models are hitting the market? Let us know what you guys think in the comments.
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Portable power station specialist EcoFlow is kicking off its third annual Member’s Festival this month and is offering a unique new rewards program to those who become EcoFlow members. The 2025 EcoFlow Member’s Festival will offer savings of up to 65% for its participating customers, and a portion of those funds will be allocated toward rescue power solutions for communities around the globe through the company’s “Power for All” fund.
EcoFlow remains one of the industry leaders in portable power solutions and continues to trek forward in its vision to power a new tech-driven, eco-conscious future. Per its website:
Our mission from day one is to provide smart and eco-friendly energy solutions for individuals, families, and society at large. We are, were, and will continue to be a reliable and trusted energy companion for users around the world.
To achieve such goals, EcoFlow has continued to expand its portfolio of sustainable energy solutions to its community members, including portable power stations, solar generators, and mountable solar panels. While EcoFlow is doing plenty to support its growing customer base, it has expanded its reach by giving back to disaster-affected communities by helping bolster global disaster response efforts the best way it knows how– with portable power solutions.
Source: EcoFlow
EcoFlow and its members look to provide “Power for All”
Since 2023, EcoFlow has collaborated with organizations worldwide as part of its “Power for All” mission. This initiative aims to ensure access to reliable and timely power to disaster-affected communities across the globe, including rescue agencies, affected hospitals, and shelters, to support rescue and recovery efforts.
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This fund most recently provided aid for communities affected by the recent Los Angeles wildfires, assistance to the Special Forces Charitable Trust (SFCT) in North Carolina following severe hurricanes, and support for non-profits engaged in hurricane preparedness in Florida and the Gulf Coast. Per Jodi Burns, CEO of the Special Forces Charitable Trust:
In the wake of devastating storms in Western North Carolina, reliable power was a critical need for the families we serve. Thanks to EcoFlow’s generous donation of generators, we were able to provide immediate relief, ensuring these families and their communities had access to power when they needed it most. We are so impressed with EcoFlow’s commitment to disaster response through their ‘Power for All’ program. It has made a tangible impact, and we are deeply grateful for their support and partnership in helping these families recover and rebuild.
In 2024, the US experienced 27 weather and climate events, each causing losses exceeding $1 billion, marking the second-highest annual total on record, according to National Centers for Environmental Information. The increasing frequency and severity of natural disasters underscore the critical need for reliable and timely power solutions during emergencies, much like EcoFlow and its members are helping provide through the “Power For All” initiative.
To support new and existing EcoFlow members, the company is celebrating its third annual Member’s Festival throughout April to offer a do-not-miss discount on its products and donate a portion of all sales to the “Power for All” fund to provide rescue power to those in need in the future. Learn how it all works below.
Source: EcoFlow
Save big and give back during the 2025 Member’s Festival
As of April 1st, you can now sign up to become an EcoFlow member to participate in the company’s exclusive 2025 Member Festival.
As a member, you can earn “EcoFlow Power Points” by completing tasks like registration, referrals, and product purchases and tracking your individual efforts toward disaster preparedness and recovery.
Beginning April 4, EcoFlow members will also be able to take advantage of exclusive discounts of up to 65% off select portable power stations, including the DELTA Pro Ultra, DELTA Pro 3, DELTA 2 Max, DELTA 3 Plus, RIVER 3 Plus, and more. However, these sale prices only last through April 25, so you’ll want to move quickly!
Click here to learn more about EcoFlow’s “Power for All” campaign. To register for EcoFlow’s 2025 Member Festival in the US, visit the EcoFlow website. To register as a member in Canada, visit here.
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Tesla is losing another top talent: its long-time head of software, David Lau, has reportedly told co-workers that he is exiting the automaker.
Tesla changed how the entire auto industry looks at software.
Before Tesla, it was an afterthought; user interfaces were rudimentary, and you had to go to a dealership to get a software update on your systems.
When Tesla launched the Model S in 2012, it all changed. Your car would get better through software updates like your phone, the large center display was responsive with a UI that actually made sense and was closer to an iPad experience than a car.
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Tesla also integrated its software into its retail experience, service, and manufacturing.
David Lau deserves a lot of the credit for that.
He joined Tesla in 2012 as a senior manager of firmware engineering and quickly rose through the ranks. By 2014, he was promoted to director of firmware engineering and system integration, and in 2017, he became Vice President of software.
Lau listed the responsibilities of his team on his LinkedIn:
Vehicle Software:
Firmware for the powertrain, traction/stability control, HV electronics, battery management, and body control systems
UI software and underlying Embedded Linux platforms
Navigation and routing
iOS and Android Mobile apps
Distributed Systems:
Server-side software and infrastructure that provides telemetry, diagnostics, over-the-air updates, and configuration/lifecycle management
Data engineering and analytics platforms that power technical and business insights for an increasingly diverse set of customers across the company
Diagnostic tools and fleet management, Manufacturing and Automation:
Automation controls (PLC, robot)
Server-side manufacturing execution systems that power all of Tesla’s production operations
Product Security and Red Team for software, services, and systems across Tesla
Bloomberg reported today that Lau told his team he is leaving Tesla. The report didn’t include reasons for his stepping down.
Electrek’s Take
Twelve years at any company is a great run. At Tesla, it’s heroic. Congrats, David, on a great run. You undoubtedly had a significant impact on Tesla and software advancements in the broader auto industry.
He is another significant loss for Tesla, which has been losing a lot of top talent following a big wave of layoffs around this time last year.
I wonder who will take over. Michael Rizkalla, senior director of software engineering and vehicle firmware, is one of the most senior software engineers after Lau. He has been at Tesla for 7 years, and Tesla likes to promote within rather than hire outsiders.
There are also a lot of senior software execs working on AI at Tesla. Musk has been favoring them lately and he could fold Lau’s responsibilities under them.
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Kia’s electric SUVs are taking over. The EV3 is the best-selling retail EV in the UK this year, giving Kia its strongest sales start since it arrived 34 years ago. And it’s not just in the UK. Kia just had its best first quarter globally since it started selling cars in 1962.
Kia EV3 is the best-selling EV in the UK through March
In March, Kia sold a record nearly 20,000 vehicles in the UK, making it the fourth best-selling brand. It was also the second top-seller of electrified vehicles (EVs, PHEVs, and HEVs), accounting for over 55% of sales.
The EV3 remained the best-selling retail EV in the UK last month. Including the EV6, three-row EV9, and Niro EV, electric vehicles represented 21% of Kia’s UK sales in March.
Kia said the EV3 “started with a bang” in January, darting out as the UK’s most popular EV in retail sales. Through March, Kia’s electric SUV has held on to the crown. With the EV3 rolling out, Kia sold over 7,000 electric cars through March, nearly 50% more than in Q1 2024.
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The EV3 was the best-selling retail EV in the UK in the first quarter and the fourth best-selling EV overall, including commercial vehicles.
Kia EV3 Air 91.48 kWh in Frost Blue (Source: Kia UK)
Starting at £33,005 ($42,500), Kia said it’s the “brand’s most affordable EV yet.” It’s available with two battery packs, 58.3 kWh or 81.48 kWh, good for 430 km (270 miles) and 599 km (375 miles) of WLTP range, respectively.
From left to right: Kia EV6, EV3, and EV9 (Source: Kia UK)
With new EVs on the way, this could be just the start. Kia is launching several new EVs in the UK this year, including the EV4 sedan (and hatchback) and EV5 SUV. It also confirmed that the first PV5 electric vans will be delivered to customers by the end of the year.
Electrek’s Take
Globally, Kia sold a record 772,351 vehicles in the first quarter, its best since it started selling cars in 1962. With the new EV4, the brand’s first electric sedan and hatchback, launching this year, Kia looks to build on its momentum in 2025.
Kia has also made it very clear that it wants to be a global leader in the electric van market with its new Platform Beyond Vehicle (PBV) business, starting with the PV5 later this year.
Earlier today, we learned Kia’s midsize electric SUV, the EV5, is the fourth best-selling EV in Australia through March, outselling every BYD vehicle (at least for now). The EV5 is rolling out to new markets this year, including Canada, the UK, South Korea, and Mexico. However, it will not arrive in the US.
For those in the US, there are still a few Kia EVs to look forward to. Kia is launching the EV4 globally, including in the US, later this year. Although no date has been set, Kia confirmed the EV3 is also coming. It’s expected to arrive in mid-2026.
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