Sales Of Hyundai And Kia EVs In The US Have Completely Collapsed

In October, Hyundai Ioniq 6 sales fell 52 percent year-over-year in the US, while the Ioniq 5 saw a 63 percent drop compared to October 2024. The large Ioniq 9 wasn’t available last year, but it also underperformed significantly, selling 317 units in a year with a total of 4,494 units sold so far.

Things aren’t looking much better for sister brand Kia when it comes to EV sales. The EV9 saw a nearly 66 percent drop in sales, and the EV6 even fell by almost 71 percent, leaving just a handful of buyers.

By now, you’re probably wondering why Koreans are barely selling electric cars in the US anymore, but there’s a very clear answer. As of September 30th, the federal EV subsidy of thousands of dollars per car was eliminated, a development that consumers have anticipated for some time. Anyone who was aspiring to an electric Korean (or other EV) has, therefore, most likely already purchased one. The current dip is therefore perfectly logical and, according to Hyundai, undoubtedly temporary. Moreover, Koreans don’t have much to worry about, as sales for both brands are remaining around last year’s level. Year to date, both brands have even sold significantly more than in 2024, and since the disappointing EV figures are largely offset by rising sales of large (gasoline) SUVs, profit margins should also be fine.

Hyundai and Kia also both report that sales of electrified models (including hybrids) actually increased in October. Hyundai saw an 8 percent increase, while Kia sold 16 percent more cars with electric motors.