Hyundai, Kia see bright EV future as sales 'double year-over-year' while Tesla slows despite ongoing price war
Throughout 2023, carmakers have been warning of a slowdown coming from the EV side of the market, with many taking corrective measures, like adjusting production outlooks and even laying off workers. Hyundai and Kia, on the other hand, seem to not be too phased by their competitors' concerns, according to Reuters.
Speaking to the publication ahead of the LA Auto Show, Hyundai's global COO, Jose Muñoz, said that he is still very bullish about electric vehicles, adding that Hyundai's EV sales were doubling year-over-year and that demand was less of an issue than production capacity.
If I had more capacity today, I could sell more cars. – Jose Muñoz, global COO, Hyundai.
Kia America's COO, Steven Center, commented that Kia's EV sector was still growing, despite growing anxieties surrounding the current economic climate.
We're still growing organically despite the weather outside. We're not seeing a slowdown. – Steven Center, COO, Kia America
According to Hyundai's recent October 2023 sales report, battery-electric vehicles seem to be leading the charge, with the Ioniq 5 seeing an 89% increase over October 2022. Kia reports similar findings in its October results, with the EV6 seeing a 30% year-over-year increase in sales and BEV sales up by 83% over October 2023.
Tesla, on the other hand, seems to be losing ground as other EV makers gain traction. It's reported that in the first nine months of 2023, Tesla lost around 8% market share, although it still saw a 41% year-over-year increase in sales. For September 2023, Tesla only saw 6% growth in sales over the previous year. This slowdown in sales is in spite of a continued price war sparked by the Musk-led company in an effort to drive sales.
It remains to be seen what the November 30 launch of the Cybertruck does to Tesla's sales numbers going forward, but Tesla's Elon Musk has been clear that it will take a while for Tesla to ramp up to full-speed production of its electric pickup truck.