Hyundai US boss calls out the competition as the brand goes ‘all in’ on electric vehicles
As rivals including Ford and GM pull back, Hyundai is surging ahead in the US electric vehicle market. Hyundai’s US CEO, Randy Parker, is calling out the competition as the brand goes “all in” on EVs.
Hyundai goes “all in” on EVs as rivals pull back
“Why would anybody want to purchase an EV from an [automaker] who’s lobbying against EVs?” Parker told The Electric.
After selling nearly 40,000 EVs in the US last year, Hyundai Motor Group (including Kia and Genesis) surpassed Ford and General Motors to become the second-best-selling EV brand behind only Tesla.
Meanwhile, American automakers and several others are pulling back on EV plans, citing “slower than expected demand.” Not for Hyundai, however.
“If a person is thinking about buying an EV, I think you want to go to a company who is fully committed to selling EVs in the United States,” Parker explained. These are bold words as the company doubles down on electric cars.
While rivals are delaying EV launches and cutting billions from electric vehicle spending, Hyundai’s US boss says the company is still “all in” on EVs.
Hyundai offers three of the most affordable electric cars in the US: the IONIQ 5, IONIQ 6, and Kona Electric. The IONIQ 5 was the sixth best-selling EV in the US last year, with nearly 34,000 models sold. It also just set a new March sales record, pushing EV sales up 100% last month.
Beating out the competition
The upgraded 2024 Hyundai Kona is better in every way, with more range, faster charging, and a sleek new design. It’s also one of the cheapest EVs you can buy, starting under $33,000.
As one of the cheapest cars to lease in the US (gas or EV), Hyundai’s IONIQ 6 is seeing higher demand. US IONIQ 6 sales are up 794% through the first three months of 2024.
A recent study from Boston Consulting Group found that Hyundai’s IONIQ 6 was the only EV that met potential buyers’ range, charging, and price targets. Tesla’s Model 3 was the next closest.
Hyundai looks to accelerate its momentum after fast-tracking construction at its first EV and battery plant in the US. The state of Georgia dedicated February 26, 2024, to the automaker, calling it “Hyundai Day,” as the automaker invests billions while creating thousands of jobs.
Although initial plans called for production to begin next year, Hyundai now expects to begin building EVs in the fourth quarter to qualify for the $7,500 federal tax credit.
Hyundai is investing nearly $7.6 billion, directly creating 8,500 jobs. Its $5 billion battery plant with SK will establish another 3,500 positions. And that’s not including the suppliers the company has brought along with it.
According to the Center for Automotive Research, Hyundai’s investments totaled over $12.6 billion while creating 50,000 new jobs in the area.
Electrek’s Take
Hyundai is already gaining market share in the US after topping Ford and GM in EV sales last year (with Kia and Genesis).
With its vehicles expected to qualify for the $7,500 tax credit, the automaker looks to take advantage of rivals pulling back.
While Ford and GM work to lower EV costs with new battery tech, Hyundai is already offering affordable electric cars on its E-GMP platform. Hyundai is expected to reveal its first three-row electric SUV, the IONIQ 9, later this year as it expands into new segments.
Meanwhile, Ford announced it’s delaying the launch of its three-row electric SUV as it waits for the market to develop.
This could create another opportunity for Hyundai to steal market share in the US. In fact, three-row electric SUVs are already in demand. Rivian’s R1S was the seventh best-selling EV last year, behind the IONIQ 5.
After kicking off sales late last year, Kia has sold over 4,000 units of its three-row EV9 electric SUV.
Hyundai is taking advantage of arguably the auto industry’s most significant transition while staying laser-focused on the future. The company aims to be one of the top three EV makers globally by 2030. By doubling down and going “all in” on EVs, Hyundai is positioning itself to outpace the competition.
Hyundai Motor is now the fourth largest automaker in the US, behind GM, Ford, and Toyota, with EV sales surging.
Do you think Hyundai can be one of the top three EV producers by 2030? Let us know in the comments.
If you’re in the market for a new EV, now is one of the best times to buy, with some of the lowest prices available. We can help you find the right model for you at the price you are looking for. You can use our links below to find deals on Hyundai’s EVs at a dealer near you.
FTC: We use income earning auto affiliate links. More.
Paris’ bike-share system, Vélib has long been considered one of the shining success stories of urban micromobility. With a massive fleet of over 20,000 pedal and electric-assist bicycles around Paris, the service has helped millions of residents and tourists get around the City of Light without needing a car or scooter. But lately, a growing problem is threatening to knock the wheels off this urban mobility marvel: theft and joyriding.
According to city officials and the service operator, more than 600 Vélib bikes are now going missing every single week. That’s over 30 bikes a day simply vanishing from the system – some stolen outright, others taken on “joy rides” and never returned.
“At the moment we’re missing 3,000 bikes,” explained Sylvain Raifaud, head of the Agemob company that currently operates the Velib system. That’s nearly 15% of over 20,000 Vélib bikes across Paris.
The sticky-fingered culprits aren’t necessarily professional thieves or organized crime rings. Instead, they’re often regular users who treat the shared bikes like disposable toys.
The city estimates that many people have figured out how to pry the bikes out of the system’s parking docks, unlocking one for a casual cruise and then ditching it somewhere far from a docking station.
Once pried free, the bikes are technically usable for the next 24 hours until their automatic locking feature kicks in. At that point, the bikes are often simply abandoned. Some end up in alleyways. Others get tossed in rivers. A few just disappear completely.
And since the bikes are intended to be parked at their many docking stations around the city, they don’t have GPS chips, further complicating recovery of “liberated” bikes.
The issue started small but has grown into more than an inconvenience – it’s beginning to undermine the entire purpose of the service. With bikes going missing at such a high rate, many Vélib docking stations are left empty, especially during rush hours.
Riders looking for a quick commute or a convenient hop across town are increasingly finding themselves without available bikes, or having to walk long distances to find a functioning one.
That kind of unreliability chips away at user confidence and threatens to drive potential riders back into cars, cabs, or other less sustainable forms of transport at a time when Paris has already made great strides to dramatically reduce car usage in the city.
The losses are financially painful, too. Replacing stolen or vandalized bikes isn’t cheap, and the resources spent on tracking down missing equipment or reinforcing anti-theft measures are stretching thin. Vélib has faced theft and vandalism issues before, especially during its early years, but this latest surge has officials sounding the alarm with renewed urgency.
Officials acknowledge that there’s no easy fix. Paris, like many cities with bike-share systems, walks a fine line between accessibility and accountability. Part of what makes Vélib so successful is its ease of use and widespread availability. But those same features make it vulnerable to misuse – especially when enforcement is limited and the consequences for abuse are minimal.
The timing of the problem is especially unfortunate. In recent years, Paris has seen impressive results in reducing car traffic, expanding bike lanes, and promoting cycling as a key part of its sustainable transport strategy. Vélib is a cornerstone of that plan. But if the system becomes too unreliable, it risks losing the very people it was designed to serve.
Meanwhile, as Parisians increasingly find themselves staring at empty docks, the challenge for the city and Vélib will be to restore confidence in the system without making it harder to use. That means striking the right balance between freedom and responsibility, between open access and protection against abuse.
In a city where cycling is supposed to be the future of mobility, losing thousands of bikes to joyriders and sticky fingers isn’t just frustrating; it’s unsustainable.
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike