Hyundai now comes after Tesla as it knocks Ford off its new EV registrations ranking
Hyundai's richer portfolio of electric vehicles has catapulted it to the number two spot in the latest new EV registration ranking in the US. First comes Tesla, as usual, but Hyundai has now taken the second place from Ford for the first eight months of 2022. It recently announced a cool new Ioniq 6 model that may turn out to be as much of a bestseller as its predecessor.
Still, Ford moved no less than 33,354 new electric vehicles which gives it 7.3% share of the US EV market, trailing Hyundai's 7.4%. Ford's electric bestseller is now the Mustang Mach-E which alone clocked 25,596 new registrations that make it the top 3 electric vehicle in the US after Tesla's "budget" sedan and SUV models.
Among the Genesis, KIA, and Hyundai brands, the automotive conglomerate managed 43,072 new electric car registrations in the US, knocking Ford off its perch. Granted, Hyundai had most of its models available throughout the year, whereas Ford largely relied on the Mach-E which saw 62% growth for the period. The Mach-E even earned a top place at Consumer Reports, beating Tesla. The F-150 Lightning electric truck, however, is still awaiting production ramp-up and faced exorbitant dealership markups that Ford had to tame.
Ford's two made-in-America electric vehicles, however, qualify for the US$7,500 government subsidy brought along by the Inflation Reduction Act whereas Hyundai's roster does not. Next year, Hyundai will be bringing four new EVs to the US market, so the gap with Ford may widen further, plus its North American factory plans signify that it may be able to take part in the subsidy game as well.