Tesla dominates the U.S. electric car market with 65% - Hyundai Motor Group has only 9%, but that's enough for second place

South Korea's Hyundai Motor Group has moved into second place as the largest supplier of electric vehicles in the United States, where Tesla continues to confidently dominate.

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Hyundai Motor Group's share in the first three quarters of 2022 is 9%. On the one hand, this is not much. However, it is enough to take second place. Moreover, KIA is ahead of parent Hyundai - 5% against 4%.

Formally, Ford Motor is on the second position with a share of 7%. General Motors controls 5% of the U.S. market of electric cars along with KIA, Chevrolet has 4%, equal to Hyundai, and Volkswagen and Audi have 2% each.

The undisputed leader is Tesla. Elon Musk's company has 65% of the U.S. market for electric cars. In 2023 Tesla and other U.S. manufacturers will have an opportunity to strengthen their position by providing a $7500 tax credit on each car. For this reason, the Tesla plant in Texas Tesla wants to ramp up Model Y crossover production in Texas to 75,000 vehicles per quarter in anticipation of increased demand starting in early 2023 in the first quarter of 2023.

Source: Business Korea

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