Hyundai-Kia surge past Ford, GM to take second in US EV sales in 2023
Hyundai and Kia placed second in the US EV market behind Tesla after a record sales year in 2023. The Korean automakers surged past Ford and GM with stylish, functional EVs built for the modern era.
Hyundai and Kia take second in US EV sales
According to Kelley Blue Book estimates, a record 1.2 million EVs were handed over in the US last year.
Tesla remained on top (by far) with 55% of the share. Although Tesla’s share will inevitably fall as new models are introduced, price cuts helped bounce back from an all-time low in Q3.
The EV leader captured 4.2% of the total US market with over 650,000 deliveries, topping Volkswagen, Subaru, and BMW for the first time. Meanwhile, Tesla wasn’t the only company with record EV sales last year.
Hyundai capped off a record year with nearly 47,000 IONIQ 5 and IONIQ 6 EVs sold, while Kia sold almost 19,000 EV6 electric crossovers. It also began delivering its first three-row electric SUV, the EV9, with 1,113 sold in December.
According to new research from BloombergNEF, the growth was enough for Hyundai and Kia to top Ford and GM for second in US EV sales.
Hyundai and Kia accounted for 8% of passenger EVs sold in the US last year, with around 117,000 handed over.
Although Ford’s CEO, Jim Farley, declared that “Ford remained the No. 2 EV brand” earlier this month, with Kia and Hyundai combined, that’s not the case. Ford sold a new record of 72,608 EVs in the US in 2023.
Meanwhile, GM sold around 72,639 EVs in 2023, with the Chevy Bolt accounting for over 85%. GM ended production of the affordable electric car as it ramps up output of its Ultium models including the Blazer EV. A new Bolt is expected to be revealed next year.
Electrek’s Take
Although Hyundai and Kia are not the same company, they share Hyundai’s E-GMP platform. Hyundai also owns just over 30% of Kia and shares many components within its network.
The South Korean automakers topped GM and Ford even without their EVs qualifying for the IRA tax credit (only through leasing).
Much of their success is due to building EVs from the ground up. The Hyundai IONIQ 5 was the sixth best-selling EV in the US last year. Hyundai and Kia are also some of the only automakers (outside of Tesla) offering smaller EVs like the Kona and Niro.
Unlike UAW Ford and GM, which have delayed EV initiatives, Hyundai and Kia are focusing on building for the future.
With dedicated EVs, Hyundai also ranked second behind Tesla in lowering CO2 emissions and improving fuel economy over the past several years, according to EPA data.
After EV sales doubled this year, Hyundai’s global president, Jose Munoz, told Reuters in November that he is still “very bullish” on EV demand. Munoz said, “Based on what I see, I need more. If I had more capacity today, I could sell more cars.”
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The US Department of Energy (DOE) today announced $1.2 billion in financing to replace Puerto Rico’s fossil fuel plants with solar and battery storage through 2032.
The DOE’s Loan Programs Office announced two conditional commitments and one loan closing to power producers in Puerto Rico. Each supports a project contracted with the Puerto Rico Electric Power Authority. The announcements include:
- The closing of a $584.5 million loan guarantee to subsidiaries of Convergent Energy to finance a 100 MW solar farm with a 55 MW (55 MWh) battery energy storage system (BESS) in the municipality of Coamo and BESS installations in the municipalities of Caguas (25MW/100MWh), Peñuelas (100MW/400MWh), and Ponce (up to 100MW/400MWh)
- A conditional commitment for a loan guarantee of up to $133.6 million to a subsidiary of Infinigen for a 32.1 MW solar farm with an integrated 14.45 MW (4.76 MWh) BESS, and a co-located standalone 50 MW (200 MWh) BESS expansion in the municipality of Yabucoa
- A conditional commitment for a loan guarantee of up to $489.4 million to a subsidiary of Pattern Energy for three stand-alone BESS in the municipalities of Arecibo (50 MW/200 MWh), and Santa Isabel (50 MW /200 MWh and 80 MW/320 MW), and a 70 MW solar farm with an integrated BESS in the municipality of Arecibo.
If all are finalized, these projects would more than double LPO’s support for utility-scale solar generation and battery energy storage in Puerto Rico.
LPO provides low-cost financing and a rigorous due diligence process, making it a valuable resource for Puerto Rico as it works to rebuild an affordable, reliable, and clean energy system. As a result of reliance on imported fuel, the persistent threat of tropical storms, and underinvested infrastructure, Puerto Ricans today face average energy costs that are twice the US average – all while consuming only one-quarter of the energy of the US per capita.
LPO’s initial loan to a power producer in Puerto Rico, Project Marahu, closed in October 2024, and when complete will add more than 200 MW of solar and up to 285 MW of stand-alone energy storage to Puerto Rico’s grid.
Through its September 2023 partial loan guarantee to Project Hestia, LPO also supports virtual power plant (VPP)-ready rooftop solar and battery storage installations in Puerto Rico. As a nationwide project, Hestia’s sponsor is committed to at least 20% of installations under Project Hestia going to homeowners in Puerto Rico.
As part of its procurement plan, Puerto Rico Electric Power Authority seeks to install 1,500 MW of battery storage and requires a minimum capacity of storage to be co-located with each utility-scale solar project. Energy storage systems currently online in Puerto Rico are being dispatched every day.
When including Marahu, LPO’s closed and conditionally committed financing supports over 100% of the capacity Puerto Rico Electric Power Authority aimed to procure under its initial request for energy storage project proposals, the first of six.
Read more: Cleantech investments to top fossil fuels for the first time in 2025
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Chevy just introduced new deals on the Equinox and Blazer EV models to make them even more affordable. With 0% interest and a new trade-in bonus, Chevy is offering over $5,000 in savings.
Chevy adds new Equinox and Blazer EV deals in January
Although the Chevy Equinox EV is already “the most affordable” EV in its class with over 315 miles range, it’s getting even cheaper.
Earlier this week, Chevy launched new deals on the 2024 Equinox and Blazer EV models. According to a note sent to dealers, viewed by CarsDirect, the electric SUVs are now available with 0% APR financing for 60 months. You can also choose from 0.9% AP for 72 months and 2.9% APR for 84 months.
This marks the best financing offer on Chevy’s newest EVs to date. The previous best rates were 0.9% APR for 60 months, 3.9% for 72 months, and 5.9% for the longer 84-month option.
On a 7-year $45,000 loan, online auto research firm CarsDirect estimates the new deals amount to around a $5,200 price cut. The lower APR rates are already offered on the Chevrolet Silverado EV pickup.
In addition, Chevy is offering a trade-in bonus of up to $3,000 on the Silverado EV and $1,000 on the electric Equinox and Blazer models. If you choose to lease, the bonus is cut in half: $1,500 for the Silverado and $500 for the electric SUVs.
Chevy’s new EV deals started on January 14 and run through March 3, 2025. The deals come as rivals like Hyundai and Ford recently launched new EV promotions.
On Thursday, Hyundai launched a new promo on the upgraded 2025 IONIQ 5, which includes monthly leases as low as $199 and a free ChargePoint home EV charger (or $400 charging credit). Meanwhile, Ford extended its “Power Promise” program earlier this month, which also includes a free home charger, among several other benefits.
The 2024 Chevy Equinox EV started at $41,900 with up to 315 miles range. Prices for the electric Chevy Blazer start at $43,690 with up to 279 miles range.
If you are ready to try out Chevy’s new electric SUVs for yourself, we’ve got you covered. You can use our links below to view offers on the Chevy Equinox, Silverado, and Blazer EV models near you.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss non-Tesla EVs getting Supercharger access, Cybertruck sales in the spotlight, Rivian getting some money from Biden, and more.
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