Hyundai will launch an electric Santa Fe and new EV pickup for the US, but there’s a catch
Hyundai’s flagship SUV is going electric. According to sources, Hyundai is developing an electric Santa Fe and a new EV pickup truck for the US, but there’s more to it. Here’s what to expect from Hyundai’s new EVs.
Hyundai Santa Fe is finally going electric but as an EREV
The Santa Fe is Hyundai’s second-best-selling SUV in the US. Hyundai has sold over 65,600 Santa Fe models through July, more than double the IONIQ 5 (22,144) and 6 (7,690) combined.
Although Hyundai is expected to launch an electric Sante Fe, it may not be what you imagine. On Tuesday, industry sources revealed (via KED Global) Hyundai is developing a next-gen powertrain for extended-range electric vehicles (EREVs).
The system includes a fuel-based power unit to extend an electric vehicle’s range. An electric generator charges the vehicle’s battery, enabling longer ranges.
Hyundai recently established a new “xEV System” development team in Korea. Sources familiar with the matter said Yang Heui-won, Hyundai Motor Group’s R&D chief, will head the project.
The first models, Hyundai’s Santa Fe and the Genesis GV70 are expected to receive the tech in the next two to three years.
After that, electric Hyundai and Kia pickup trucks will also gain EREV drivetrains. They are expected to begin rolling out in 2028 or 2029. The sources claim the new EV pickups will have over 330 miles (530 km) driving range.
Conquering the US market with pickups and SUVs
Hyundai aims to “conquer” the massive US pickup truck market, according to a report from Naver last week.
The report claimed Hyundai completed a teardown of the Tesla Cybertruck last month as it prepared to take on the US market. A Ford F-150 Lightning was also spotted with Korean test plates near Hyundai’s facility last month.
According to S&P Global Mobility registration data, Tesla’s Cybertruck was the fifth top-selling EV in the US in May. Ford’s F-150 Lightning was number 10.
Hyundai sells the Santa Cruz pickup, but sales are down 10% this year. Last year, the Santa Cruz ranked 12 in US pickup sales, with 36,675 models handed over.
With 2.86 million units sold in the US last year, pickup sales nearly doubled that of large sedans with 1.56 million.
Hyundai wants to compete with Ford’s F-series, the Chevy Silverado, and Ram for a piece of the US pickup market.
Meanwhile, Hyundai Motor, including Kia and Genesis, accounted for 10% of the US EV market through July. Hyundai is the second top-selling EV brand ahead of Ford (7.4%) and GM (6.3%) as it looks to close the gap with Tesla (49.7%).
Electrek’s Take
Hyundai is investing heavily in the US market. Its massive $7.6B Metaplant in GA is opening its doors later this year.
Electric cars produced at the facility are expected to qualify for the $7,500 EV tax credit as Hyundai looks to outpace US rivals.
Hyundai is also expected to reveal its first three-row electric SUV, the IONIQ 9, by the end of the year.
It is interesting to see the report claim that Hyundai is developing EREVs because of concerns over EV range and charging infrastructure. According to the Department of Energy and EPA, Hyundai already has eight of the top ten most energy-efficient EVs in the US this year.
Since EREVs still have internal combustion engines, the tech will be phased out as 100% EV powertrains and batteries progress.
Will EREVs help or hurt Hyundai in the US? Let us know your thoughts in the comments.
Source: KED Global
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Twitter CEO Jack Dorsey testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives Energy and Commerce Committee on “Social Media’s Role in Promoting Extremism and Misinformation” in Washington, U.S., March 25, 2021.
Handout | Via Reuters
Block jumped more than 5% on Monday, leading a rally in shares of fintech companies as analysts downplayed the threat of JPMorgan Chase’s reported plan to charge data aggregators for access to customer financial information.
The recovery followed steep declines on Friday, after Bloomberg reported that JPMorgan had circulated pricing sheets outlining potential fees for aggregators like Plaid and Yodlee, which connect fintech platforms to users’ bank data.
In a note to clients on Monday, Evercore ISI analysts said the potential new expenses were “far from a ‘business model-breaking’ cost increase.”
In addition to Block’s rise, PayPal climbed 3.5% on Monday after sliding Friday. Robinhood and Shift4 recorded modest gains.
Broader market momentum helped fuel some of the rebound. The Nasdaq closed at a record, and crypto rallied, with bitcoin climbing past $123,000. Ether, solana, and other altcoins also gained.
Evercore ISI’s analysts said that even if JPMorgan’s changes were implemented, the most immediate effect would be a slight bump in the cost of one-time account setups — perhaps 50 to 60 cents.
Morgan Stanley echoed that view, writing that any impact would be “negligible,” especially for large fintechs that rely more on debit, credit, or stored balances than bank account pulls for transactions.
PayPal doesn’t anticipate much short-term impact, according to a person with knowledge of the issue. The person, who asked not to be named in order to speak about private financial matters, noted that PayPal relies on aggregators primarily for account verification and already has long-term pricing contracts in place.
While smaller fintechs that depend heavily on automated clearing house (ACH) rails or Open Banking frameworks for onboarding and compliance may face real pressure if the fees take effect, analysts said the larger platforms are largely insulated.
WATCH: Congress moves to redraw $3.7 trillion crypto market rules, opening door to Wall Street
The global EV market is still charging ahead. According to new numbers from global research firm Rho Motion, 9.1 million EVs were sold worldwide in the first half of 2025, up 28% compared to the same period last year. But not every region is accelerating at the same pace.
China and Europe are doing the heavy lifting
More than half of the world’s EVs this year have been bought in China. That market hit 5.5 million sales in the first six months of 2025 – a 32% jump year-over-year. Around half of new cars bought in China are now electric.
While some Chinese cities’ subsidies have dried up, Rho Motion expects momentum to pick back up later in the year as more funding is released.
In Europe, 2 million EVs were sold in the first half of the year, up 26%. Battery electric vehicle (BEV) sales also rose 26%, thanks in part to affordable models like the Renault 4 (pictured) and 5 entering the market. Plug-in hybrids (PHEVs) weren’t far behind, growing 27% year-to-date. Chinese automakers are leaning into PHEVs as a way to work around the EU’s new tariffs on BEVs.
Spain is leading the pack with EV sales soaring 85% so far this year. Its generous MOVES III incentive program was extended in April and has kept sales strong. The UK and Germany are also seeing solid growth – 32% and 40%, respectively. France, however, is slumping. With subsidies cut, EV sales there have dropped 13%.
North America is stuck in the slow lane
Things aren’t looking quite as bright in North America. EV sales in the US, Canada, and Mexico are up just 3% so far this year.
Mexico is the one bright spot, with a 20% boost. The US is up 6%. But Canada is down a whopping 23%.
And things could get bumpier. On July 4, Trump signed Congress’s big bill into law, which axes all the Inflation Reduction Act EV tax credits. Those consumer credits for EVs now officially end on September 30.
Just over half of the EVs sold in the US this year qualified for those credits. Rho Motion predicts a rush in Q3 before the subsidies disappear – and a decline in sales after that.
Rho Motion data manager Charles Lester said, “With Trump’s latest cuts in his ‘Big Beautiful Bill,’ the US could struggle to see any growth in the EV market overall in 2025.”
Global EV sales snapshot, H1 2025 vs H1 2024
- Global: 9.1 million (+28%)
- China: 5.5 million (+32%)
- Europe: 2.0 million (+26%)
- North America: 0.9 million (+3%)
- Rest of world: 0.7 million (+40%)
Read more: China breaks records as global EV sales hit 7.2 million in 2025
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Lucid’s electric sedan can drive further, charge faster, and packs more advanced tech than most of the competition. That might explain why it’s leading the segment. The Lucid Air remained the best-selling luxury EV sedan in the US after widening its lead in the Q2.
The Lucid Air is America’s best-selling luxury EV sedan
The 2025 Lucid Air Pure arrived as the “World’s most efficient car” with an EPA-estimated range of 420 miles and a record 146 MPGe.
It just set a new Guinness World Record last week for the longest journey by an electric car after travelling 749 miles (1,205 km) on a single charge.
That record was set in the range-topping Lucid Air Grand Touring model, which is rated for up to 512 miles of EPA-estimated range. On the WLTP scale, it’s rated at 597 miles (960 km). Either way, it still crushed the estimates.
According to second-quarter sales data, released by Kelley Blue Book on Monday, the Lucid Air is still America’s best-selling luxury EV.
Lucid sold 2,630 Air models in Q2, up 10% from the previous year. Through the first half of 2025, Lucid Air sales are up 17% with 5,094 units sold.
Tesla, on the other hand, only sold 1,435 Model Ss during the quarter, 71% fewer than it did in Q2 2024. Tesla Model S sales in the US are down 70% through the first half of the year at 2,715.
Although Porsche Taycan sales were up 32% with 1,064 models sold, the significantly upgraded 2025 model year was expected to see even more demand. Porsche has 2,083 Taycans in the US this year, up just 1% from 2024.
Other luxury EV sedans, such as the BMW i5 (1,434), i7 (820), and the Mercedes EQS (498), experienced steep double-digit sales declines year-over-year.
And it’s not just electric luxury sedans. The Lucid Air is currently outselling many gas-powered vehicles in its segment.
Lucid’s first electric SUV, the Gravity, is also rolling out. Although only five were sold in the second quarter, Lucid is quickly scaling production. Lucid aims to produce 20,000 vehicles this year, more than double the roughly 9,000 it built in 2024.
Earlier today, Lucid’s interim CEO, Marc Winterhoff, confirmed during an interview with Bloomberg that the company expects higher Gravity output in the second half of the year.
The interview was at the grand opening of Panasonic’s new battery cell plant in De Soto, Kansas. Winterhoff said Lucid will start using new cells from the facility, but not until next year.
Lucid’s CEO stressed the importance of establishing a local supply chain, as policy changes under the Trump Administration are taking effect. Lucid and Panasonic are collaborating to localize EV materials, such as graphite. Last month, Lucid secured a multi-year supply agreement with Graphite One for US-sourced Graphite.
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