Hyundai and Kia are mopping up their electric vehicle rivals with a range of stylish models that are well priced

Move over Elon Musk, it looks like Tesla might have some interesting competition in the form of Hyundai and Kia.

The two South Korean automakers that have recently gained popularity with their new models, the Hyundai Ioniq 5 and sister company Kia’s EV6, are both revving their engines in the electric vehicle (EV) market.

The new electric cars outpace other competitors such as the Nissan Leaf, Chevrolet Bolt, and even the Ford Mustang Mach-E.

The EV6 sold 19,267 while the Ioniq 5 sold 21,262, for a total of 40,529 in the year through November, compared to Ford’s 28,089 according to CarFigures.com.

“From an electric vehicle perspective, they’re really just kind of cleaning the floor,” Edmunds analyst Joseph Yoon told Bloomgberg. “I honestly don’t know if any merchants around me have any stock.”

Hyundai and Kia’s new electric vehicles (EV), the Ioniq 5 and EV6, pictured, have been a hit in the market, outperforming competitors

Hyundai Ioniq 5 has recently gained popularity with its new models

Hyundai Ioniq 5 has recently gained popularity with its new models

The Tesla Model Y, the small SUV closest in size and price to Hyundai and Kia, sold 56,937.

Although Musk’s Tesla is still able to sell a larger volume of cars overall, it took his company a decade to sell as many electric cars as Hyundai and Kia in just a few months. Hyundai took six years to make.

High demand has led to a shortage at car dealerships, with the current waiting list for the EV6 around six months.

“The thinking was, with the platform that we have and the understanding of the market that we have, let’s put together a really bold and great proposition,” Kia’s Steve Kosovsky explained. “We will make a statement that Kia is here.”

Even Musk offered praise: “Hyundai is doing great,” he tweeted in June.

Kosofsky also explains that there is a form of “Tesla fatigue” that is leveling off as the company’s vehicles are now popular, and not just in coastal states.

Previous owners of gas-powered Kia and Hyundai models are also considering the company’s new EV models as customers already trust the brand.

The timing of the release of these models was apt, as adoption of electric vehicles is growing in the US due to concerns about the environment and high gasoline prices that have been on an upward trajectory until recently.

Even Elon Musk has offered praise:

Even Elon Musk has offered praise: “Hyundai is doing great,” he tweeted in June

The Tesla Model Y, a small SUV closest in size and price to Hyundai and Kia, sold 56,937 but took decades to reach the level the car now sells for.

The Tesla Model Y, a small SUV closest in size and price to Hyundai and Kia, sold 56,937 but took decades to reach the level the car now sells for.

Tesla is on track to have its worst year ever.  Its share price is down 70 percent over the past 13 months and investors seem tired of Musk's constant anarchy being distracted on Twitter.

Tesla is on track to have its worst year ever. Its share price is down 70 percent over the past 13 months and investors seem tired of Musk’s constant anarchy being distracted on Twitter.

The two models offer unique features in the electric vehicle market, including large cargo space, the ability to adjust regenerative braking with two-way pedals and power, allowing the use of power tools or the charging of another electric vehicle by car.

They also have fast charge rates, adding nearly 16 miles of range per minute under ideal conditions.

Starting at around $40,000, the vehicles have a relatively affordable price point compared to other luxury EVs, the majority of which are priced at more than $45,000.

Other lower-tier cars like the Nissan Leaf are also starting to feel a bit outdated with the second generation released in 2017.

The lower price point appeals to a wider range of buyers including those who are budget conscious and who may have bought a sedan as a start.

Luxury car buyers considering switching to electric cars also seem to be interested in cars.

“These two cars kind of come in at the right price and size for a lot of buyers,” said analyst Yoon. “And I think there is a level of trust that is inherent with a large manufacturer entering the game with the mainstream.”

Meanwhile, Tesla is on track to have its worst year ever. Its share price has fallen 70 percent over the past 13 months and investors seem fed up with Musk’s constant anarchy on Twitter since his purchase of the social network.

Tesla share price reached an all-time high of more than $414 in November 2021. It has since fallen 70 percent to $123.15 as of Friday with shares down another 1 percent.

The company has since lost nearly two-thirds of its value, at a time when rival automakers have been cutting Tesla’s dominant share of electric vehicle sales.

#Hyundai #Kia #mopping #electric #vehicle #rivals #range #stylish #models #priced

Leave a Reply

Your email address will not be published. Required fields are marked *