Hyundai Motor Group has out-galloped Ford Motor Co. for the No. 2 spot in the U.S. EV horse race.
Through August, the South Korean auto group reported 43,072 new registrations of electric vehicles across its Kia, Hyundai and Genesis brands — accounting for a combined 9.4 percent segment share, according to data from Experian Automotive. Hyundai registrations more than doubled; Kia's more than quadrupled. Ford's also more than doubled, but it still slipped to third place.
The landscape is changing however, as the Korean brands' EVs, which are all imported, stopped qualifying for $7,500 tax credits when President Joe Biden signed the Inflation Reduction Act on Aug. 16. Ford's North America-built Mustang Mach-E crossover, F-150 Lightning pickup and E-Transit 350 van all qualify for a $7,500 EV tax credit for the remainder of 2022.