Hyundai Motor, including Kia top Ford and GM in US EV market with affordable EVs
Hyundai Motor Group, including Kia, is using affordability to gain market share in the US. With low-cost electric cars, Hyundai Motor, along with Kia, surged past American automakers Ford and GM in the US EV market in the first three months of 2024.
Hyundai, Kia top Ford, GM in EV sales with affordability
After the IONIQ 5 was the sixth best-selling EV in the US last year with nearly 34,000 units sold, Hyundai (and Kia) are starting the year strong in the US.
Hyundai’s best-selling electric SUV, the IONIQ 5, set a new sales record last month, pushing EV sales up 100% over last year.
Through the first three months of 2024, Hyundai sold 6,822 IONIQ 5 models, another record. Hyundai’s second dedicated EV, the IONIQ 6, saw sales surge 1,542% in Q1 to 3,646.
After a major refresh this year, Hyundai’s Kona EV was another big reason behind the brand’s success. Hyundai upgraded the 2024 Kona Electric in every way, adding more range, faster charging, and a new stylish design.
Although Hyundai doesn’t break down Kona sales (there are also two gas-powered versions), sales of the subcompact crossover rose 20% in Q1, with 23,054 units sold.
2024 Hyundai Kona electric trim |
Starting Price (not including a $1,335 delivery fee) |
| SE | $32,675 |
| SEL | $36,675 |
| Limited | $41,045 |
Starting under $33,000, the 2024 Hyundai Kona Electric is one of the most affordable EVs on the US market.
In fact, new research from auto research firm CarsDirect shows the Kona EV is one of the cheapest cars to lease in the US at just $169 per month. And that’s including gas-powered cars.
Affordable EVs are winning
The other cheapest vehicle to lease (gas or EV) is Hyundai’s IONIQ 6, starting at just $239 per month.
According to a new report from Boston Consulting Group, the IONIQ is the only EV that meets potential buyers’ range, charging, and price targets. Tesla’s Model 3 was the next closest to hitting the mark.
|
2024 Hyundai IONIQ 6 trim |
Battery (kWh) |
Estimated Range (miles) |
Starting Price |
| SE Standard Range RWD | 53 | 240 | $38,615 |
| SE RWD | 77.4 | 361 | $43,656 |
| SEL RWD | 77.4 | 305 | $46,365 |
| Limited RWD | 77.4 | 305 | $51,265 |
| SE Dual Motor AWD | 77.4 | 316 | $47,065 |
| SEL Dual Motor AWD | 77.4 | 270 | $49,865 |
| Limited Dual Motor AWD | 77.4 | 270 | $54,765 |
Hyundai’s last EV on the US market, the IONIQ 5, is one of the most affordable in its class. It also has more range or features than most rivals.
Hyundai is offering a rare 0% finance deal on the IONIQ 5, with lease payments starting as low as $229 per month.
Meanwhile, Kia launched a new lower-priced Light Long Range EV6 model this year, starting at $45,950 with up to 310 miles range. The new trim helped boost sales to 4,059 through the first three months of 2024, up from 3,392 last year.
The affordability has helped Hyundai Motor, including Kia, top Ford, and GM in the US EV market through the first quarter.
Ford sold 20,223 electric cars in the first quarter of 2023, while GM sold 16,425. The Hyundai IONIQ 5 and IONIQ 6, combined with Kia’s EV6 and EV9, sold over 18,500 EVs in Q1.
However, that does not include the Kona or Niro EVs. With both included, Hyundai Motor is expected to have sold easily over 25,000, if not 30,000, EVs in the US last quarter. And that’s not even including its luxury Genesis brand.
Despite Kia’s recent shift to introduce more hybrids, the company is doubling down on affordable electric cars. The EV2, EV3, EV4, and EV5 are rolling out over the next few years, with starting prices expected between $25,000 and $50,000.
Ford is also shifting plans to focus on smaller, more affordable electric models as it looks to compete with Tesla and low-cost Chinese automakers like BYD. The company is developing a new low-cost EV platform, with the first models expected to be a smaller electric pickup and SUV, set to launch in 2026.
Meanwhile, GM is phasing out its cheapest EV, the Bolt (for now), as it works to ramp production of its Ultium-based models like the new Chevy Equinox and Blazer EVs.
Chevy expects the Equinox to be one of the cheapest EVs with up to 319 miles range, but that’s for the 1LT rolling out later this year. For now, the cheapest Equinox (2LT) starts at $43,295. Meanwhile, Blazer EV prices starting just over $50,000. The brand does plan to introduce a new Ultium Bolt model next year with lower-priced LFP batteries to drive down costs.
Are you ready for your next electric vehicle? Now is one of the best times to start shopping, with some of the lowest prices offered on EVs so far. You can use our links below to find deals on Hyundai and Kia electric vehicles at a dealer near you.
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Environment
Communication is now even more important to getting renewable projects off the ground, experts say
(From left) CNBC’s Steve Sedgwick moderates an IoT panel with Cenk Alper, CEO of Sabanci Holding, Christina Shim, chief sustainability officer of IBM, and Mitesh Patel, interim CEO and COO of SunCable International, at CONVERGE LIVE on March 13, 2025.
Renewable energy companies can shorten the long approval process needed for their projects by communicating better with stakeholders, according to experts.
Christina Shim, IBM’s chief sustainability officer, said sponsors need to focus on the business value — in addition to the environmental benefits — when discussing their projects.
“That being said … there are some triggering words now, depending on where you sit around the world, and I think the more that you can quantify business value for what you’re doing and tie it to, again, the business operations and business decision making, it’s only going to be more and more important,” Shim said Thursday.
“As long as the outcomes are the same, you just need to make sure that you’re communicating in an appropriate way with the right stakeholders.”
She compared it to how one might talk to a CFO, versus an investor, versus someone in procurement. “You kind of have to talk about things a little bit differently.”
Mitesh Patel, interim CEO and COO at SunCable International, agrees that adjusting communication for the right audience is crucial.
“For politicians, the voters are their constituency, not your project or not your company. You have to help them translate what benefits your project will bring to the constituents,” said Patel, whose company is developing a project to deliver solar energy from Australia to Singapore via undersea cables.
The project, called Australia-Asia PowerLink, is valued around $24 billion and expected to supply Singapore with 1.75 gigawatts of electricity — or around 15% of its electricity needs, according to the company.
The comments by Shim and Patel, who were speaking to CNBC’s Steve Sedgwick on a panel in Singapore, come as renewable energy projects often take many years to get off the ground.
A report from the Global Infrastructure hub, which is part of the World Bank’s Public-Private Infrastructure Advisory Facility, noted the complex nature of preparation needed before an infrastructure project gets underway. It put the average project preparation time at 6 years but said it can take up to 14 years if the project is not planned properly.
Cenk Alper, CEO of Sabanci Holding, a Turkish conglomerate, said the biggest obstacle to getting renewable energy projects off the ground is often regulatory.
“The biggest problem is still government — the permits. Because from licensing to making a project ready, the total time is longer than the construction time,” he said.
The situation in Europe is worse, he added, citing a project where connecting to the grid took two years.
Alper said Western countries need to streamline the approval process for renewable energy projects, noting China has embarked on more projects in the last five years than the rest of the world combined.
A new study from the REPEAT Project led by Princeton University’s ZERO Lab warns that the repeal of Inflation Reduction Act (IRA) tax credits could decimate the growing EV manufacturing sector.
The report “Potential Impacts of Electric Vehicle Tax Credit Repeal on US Vehicle Market and Manufacturing” clearly outlines the risks. The Princeton study states that repealing the IRA federal tax credits and the EPA’s clean vehicle regulations would sharply reduce EV demand.
Specifically, EV sales could drop around 30% by 2027 and nearly 40% by 2030 compared to sticking with the policies implemented by the Biden administration. That means the share of EVs among new cars sold would shrink dramatically – from about 18% to 13% by 2026 and from 40% to just 24% by 2030.
“While no one has a perfect crystal ball, this is our best attempt to survey available quantitative forecasts and develop an outlook on US EV sales,” explained the study’s project leader, Jesse D. Jenkins, assistant professor at Princeton’s Department of Mechanical & Aerospace Engineering and Andlinger Center for Energy & Environment in an email. “The report is also the only analysis I’m aware of to date that draws the connection to US manufacturing as well.”
Here’s why this matters: The report points out that repealing these policies wouldn’t just slow down EV adoption – it could seriously derail the US manufacturing renaissance now underway. Up to 100% of planned expansions for EV assembly plants could be canceled or shuttered. Battery manufacturing would also take a huge hit, with between 29% and 72% of battery cell production capacity becoming redundant by 2025. That means factories under construction or those just coming online would be at risk.
To put that into perspective, an Environmental Defense Fund report released in January found that $197.6 billion worth of investments in EV and battery manufacturing have been announced at 208 facilities around the US, with two-thirds announced since the passage of the Inflation Reduction Act in August 2022.
It’s probably a good time to point out that, in order to qualify for IRA federal tax credits, EVs must be domestically assembled, use battery components that have been substantially domestically produced, and use critical minerals produced, processed, or recycled in North America or free trade agreement countries.
Why, then, is the Trump administration torpedoing an industry that’s achieving the very thing it says it wants to achieve, which is to boost domestic manufacturing and jobs?
And let’s not forget the broader EV supply chain – materials, parts, and component suppliers across the country would also suffer, though these effects haven’t even been fully quantified yet.
Bottom line: Repealing the tax credits and regulations wouldn’t just slow down EV sales – it would threaten the jobs, investments, and communities counting on America’s EV manufacturing boom.
Read more: Republican districts lose billions as clean energy cancellations surge
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The Optiq, Cadillac’s most affordable EV, just got a price cut. Despite being on the market for less than two months, GM cut lease prices by nearly $100 a month. Here’s how you can snag the deal.
GM cuts lease prices on Cadillac’s most affordable EV
Compared to Cadillac’s other electric vehicles, like the Escalade IQL, which starts at over $130,000, and the Vistiq, which has a price tag of over $77,000, the Optiq already looks like a steal at about $55,000.
Cadillac’s electric SUV arrived in January with lease prices starting at $489 per month. Although this was already its cheapest SUV (gas or EV), GM is making it even more affordable this month.
The 2025 Cadillac Lyriq is now listed at just $399 for 24 months with $4,929 due at signing. In less than two months, the OPTIQ’s lease prices have fallen by $90, or almost 20%. The deal is for the 2025 Cadillac Optiq AWD Luxury 1 with an MSRP of $54,390.
Cadillac’s lease deal runs through March 31. However, there are a few limitations you should know about. The deal includes a $2,000 loyalty or conquest offer.
The fine print states you must be a lessee of a 2020 model year or newer non-GM vehicle for at least 30 days. According to online car research firm CarsDirect, this extends to 2011 and newer electric vehicles from a competitor brands such as Tesla, Rivian, Porsche, BMW, Ford, and Honda, among several others.
At 190″ long, 75″ wide, and 65″ tall, the Cadillac Optiq is about the same size as the Tesla Model Y (187″ long x 76″ wide x 64″ tall).
Powered by an 85 kWh battery pack, the electric SUV has a driving range of up to 302 miles. With 150 kW DC fast charging, the Optiq can gain up to 79 miles of range in about 10 minutes.
| 2025 Cadillac Optiq trim | Starting Price (including destination) |
Driving Range (EPA-estimated) |
| Luxury 1 | $54,390 | 302 miles |
| Luxury 2 | $56,590 | 302 miles |
| Sport 1 | $54,990 | 302 miles |
| Sport 2 | $57,090 | 302 miles |
Inside, the Optiq features a massive 33″ infotainment and “segment-leading” cargo (57 cubic feet) and second-row space.
GM has been introducing new deals on new EV models all year. Chevy’s new Equinox, Blazer, and Silverado EVs are all available with 0% APR with leases starting as low as $299 per month.
Ready to take advantage of the savings? We can help you get started. Check out our links below to find deals on GM’s most popular EVs in your area.
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