Market Conditions Drop, Hyundai And Kia EV Sales Increase In The US

Hyundai Ioniq 6. (Doc. Hyundai Motor Group)

JAKARTA - In the midst of market conditions that have decreased due to inflation and soaring interest rates and have an effect on sales of electric vehicles (EVs), Hyundai and Kia have actually received high demand for this segment.

Jose Munoz, as Hyundai Global's Chief Operating Officer, said his party earned EV sales to double last year's achievement and is still optimistic about electric battery cars.

Our investment in battery power plants in Georgia continues. So we are trying our best to be ready in October next year," Munoz was quoted as saying by Reuters, Saturday, November 18.

This positive result was also followed by his brother's company, Kia. The brand is still achieving good results in the midst of slow market developments, even companies intend to expand to encourage the growth of electric vehicles.

"Everything is considered the same. As they say in the economic field, we will continue to grow in volume, and the electric vehicle (EV) side will do most of the growth," said Steven Center, Kia America's Chief Operating Officer.

Meanwhile, other major manufacturers such as Tesla to Ford must postpone factory construction due to the impact of current market conditions. Rising inflation and interest rates affect vehicle purchase costs.

This is also coupled with electric vehicle makers facing supply chain barriers and price pressure from Tesla, leading to a drop in electric vehicle prices this year.

The average price of the latest paid electric vehicles in the US fell to more than USD 50.000 in September, which previously reached more than USD 60.000 in January.