Hyundai is accelerating its shift to EVs as demand continues building. The South Korean automaker announced it will halt operations at two engine parts plants as it transitions its network from ICE vehicles.
After hitting its highest exports ever last month, Hyundai is doubling down on EVs. The automaker’s exports surged nearly 30% YOY in a record-setting performance.
Hyundai credited the growth to the rising popularity of its electric models. New EVs based on its E-GMP platform are helping improve its sales mix.
Dedicated EVs like the IONIQ 5 electric SUV, IONIQ 6, and Kia EV6 were a big reason for the growth.
The company said its electric models are “playing a major role” in helping secure leadership in the global EV market. In the US, Hyundai and Kia had their best November sales months ever, with 16 straight months of year-over-year (YOY) growth.
According to registration data, Hyundai and Kia ranked second in US EV sales, behind only Tesla in Q3. Hyundai and Kia accounted for 7.5% of the market, topping GM’s Chevy (5.9%) and Ford (5.5%).
The uptick comes despite Hyundai EVs not qualifying for the $7,500 EV tax credit (only through leasing).
2023 Hyundai IONIQ 5 (Source: Hyundai)
Hyundai fast-tracks shift to EVs
Hyundai broke ground on its massive $1.5B dedicated EV plant in Ulsan last month. The Ulsan complex is Hyundai’s largest manufacturing site. Once mass production begins in 2026, the new plant will be able to produce 200,000 EVs a year.
The company said Ulsan will “lay the foundation for future growth in the era of electrification.” Last month, Hyundai announced it would suspend operations at its main plant in South Korea to focus on construction.
2024 Hyundai IONIQ 6 SE (Source: Hyundai)
According to a new Reuters report, Hyundai is shutting down operations at two engine parts plants in the region next year as it looks to speed up the shift to EVs.
The engine parts plants have been in operation since 1991. According to the report, they will be shut down in January and October.
A Hyundai spokesperson said it was looking at outsourcing some engine components manufacturing for now.
Hyundai IONIQ 7 (SEVEN) electric SUV concept (Source: Hyundai)
Electrek’s Take
While several automakers are slowing their transition to electric, Hyundai is doubling down. The automaker sees the direction that the industry is headed and wants to get ahead of the curve.
Hyundai aims to be a top three EV producer globally by 2030, with 31 total all-electric models.
Next year, Hyundai is expected to release its first three-row electric SUV, the IONIQ 7 (concept pictured above), as it expands into new markets. It’s also reportedly developing a cheaper IONIQ 2 EV to sit below the IONIQ 5.
With new EV models in key markets, Hyundai will be a brand to watch over the next few years.
What do you guys think? Can Hyundai be a top three EV maker by 2030? Let us know what you think in the comments.
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Tesla has started offering leases of certified pre-owned cars, which is relatively rare in the industry, with $0 down as it desperately tries to move vehicles before the end of the quarter.
With the federal tax credit for electric vehicles set to expire at the end of the quarter, automakers in the US are all trying to optimize EV sales, as demand is being pulled forward.
This also applies to used EVs, as the $4,000 federal incentive for used electric vehicles will also expire on September 30th.
Now, leasing used vehicles is much less common than leasing new cars, but some automakers, or mainly dealers, do offer it.
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Tesla is getting into this business for the first time.
In California and Texas, Tesla is now offering leases on certified pre-owned (aka used) Model 3 and Model Y vehicles.
These are reasonably priced and can be as low as $215 per month with $0 down for a 24-month lease and 10,000 miles per year.
Tesla also offers a 12-month lease and up to 15,000 miles annually. While there’s no down payment needed, there’s an “Acquisition Fee” of $695.
That, and the first month, is all you need to get in a used Tesla for the next year or two.
This is undoubtedly the cheapest way to get into a Tesla vehicle right now.
Tesla is trying to sell as many vehicles as possible in the US this quarter, as demand for EVs has been pulled forward due to the end of the tax credit. This is expected to result in a record quarter in the US, but it also going to create a few difficult ones in the future.
With demand being pulled forward and future buyers feeling like they missed out on EV discounts, the US EV market is expected to experience a significant slowdown over the next 12 to 18 months.
Tesla sales are down about 13% globally so far this year. While this quarter is expected to be better, many analysts still anticipate Tesla’s year-over-year performance to be down.
This year alone, Tesla added more than 50,000 electric vehicles to its inventory.
Used cars have also been piling up.
Tesla owners rushed to sell their vehicles as Tesla’s brand perception dived following its CEO’s involvement in politics.
Danish equipment makers HG build job site dumpers that help move sand, rocks, debris, construction waste, and building supplies across rugged, uneven urban job sites. And with the introduction of their newest E3000 model, they’re helping move more than three tons of that stuff without emissions and — just as crucially — without noise.
HG announced the E3000 electric site dumper just this week, adding the new 3 tonne capacity to its growing lineup of 1 and 2 tonne dumpers (that’s over 6,600 lbs., in “landed on the Moon” units). With a 180° swivel tip on the bucket as standard equipment and an optional high tip version available at launch, it should be able to handle just about anything a hard working construction crew can throw at it.
“With the HG E3000, we once again prove that electric dumpers are not only better for people and the environment. They are also more efficient, cheaper to operate, and can run more than a full working day on a single charge,” explains Nikolaj Birkerod, CEO of HG, told Power Progress. “With 3 tonne dumpers, we are proving, as we already have with 2 tonne dumpers, that we can deliver on both performance and reliability while enabling customers to save 15% per operating hour compared to a diesel dumper.”
Exact specs haven’t been released, but HG claims the E3000’s 29 kWh is good for 12 full hours of continuous, loaded operation, and that it can be fully recharged on a “standard” 220 charger (L2) in about four hours. If you’re curious about what has been released, I’ve got all that for you right here:
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The only all-electric dumper on the market that gives you 12 working hours while carrying 3 tonnes payload.
Our latest addition to accelerate 100% machinery:
3-ton payload for high-capacity material handling
12-hour working – a full day’s work without recharging
Optional high tip for quick and flexible unloading into containers and trucks
180° swivel tip as standard for precise placement of loads
Fast charging: 0–100% in approx. 4 hours with the integrated charger
Lithium 29 kWh battery with automatic heating for all-season use
One-pedal drive for smooth and intuitive operation
The E3000 is built for contractors and rental companies who demand maximum productivity without compromising on environmental responsibility.
With a carrying capacity of 3 tonnes and an industry-leading 12 hours of effective runtime on a single charge, it’s proof that heavy-duty work and zero emissions can go hand in hand.
At the heart of the E3000 is HG’s patented articulated drivetrain with four independent in-wheel motors. This unique design delivers the most energy-efficient power transfer in the industry, using significantly less power than conventional electric system. This translates directly into lower operating costs and more hours on site between charges.
No word yet on pricing or whether or not the new dumper will eventually be sold outside the European market, but we do know that HG plans to deliver the first examples of its new machine to customers by early 2026.
Electrek’s Take
E3000 w/ high-tip bucket; via HG.
While there are a lot of people outside the urban construction space who may scoff at environmental concerns, the quest for improved efficiency and cost reduction among commercial fleet managers knows no political ideology. Add in more restrictive noise regulations and the side benefits of improved job site safety and fewer sick days, and electric equipment is a no-brainer.
Simply put: If it’s better or cheaper, fleets will buy it. If it’s better and cheaper, they’ll buy two — and battery powered equipment is proving to be consistently better, in a broader scope of use cases, than diesel.
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For just $129 per month, the Volkswagen ID.4 might be the best EV lease deal right now. At that, it’s almost half the cost of a new Jetta.
Volkswagen ID.4 is cheaper to lease than a Jetta
After the 2025 model year went on sale, the ID.4 raced out to become the third-best-selling EV in the US in January.
With ultra-low lease prices starting at just $129 per month, it’s no wonder Volkswagen’s electric SUV is flying off the lots.
For a $45,000 SUV, any lease under $200 a month is a steal nowadays. It’s even cheaper than leasing a new Jetta S, despite costing nearly twice as much.
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The deal is for a 24-month lease with a $2,499 due at signing, resulting in an effective monthly cost of $233. To put that into perspective, the 2025 VW Jetta S is listed for lease at $269 for 36 months. With $3,999 due at signing, the effective rate is $380, making the ID.4 a significantly better deal.
Volkswagen ID.4 (Source: Volkswagen)
Volkswagen’s deals vary by region. The $129 offer is available in California and a few other West Coast states. In others, it’s listed at $329 for 24 months with $4,499 due at signing.
The Volkswagen ID.4 is available in five different trims: Pro, AWD Pro, Pro S, AWD Pro S, and AWD Pro S Plus. The base 2025 ID.4 PRO RWD starts at $45,095 with up to 291 miles of driving range.
Volkswagen ID.4 interior (Source: Volkswagen)
Although the ID.4 lease offer is tempting, Hyundai may still have it beat with the 2025 IONIQ 5 available to lease from $179 per month nationwide.
Volkswagen’s offer ends on September 30, when the federal EV tax credit is set to expire. After that, much of the savings will disappear unless the company steps in with its own incentives.