Hyundai, Kia Set Bold Targets for Electric Cars

Hyundai and affiliate Kia aim to sell 580,000 electric vehicles this year, which would be a whopping 58 percent more than last year.

Although the U.S. has scrapped subsidies for EVs manufactured outside North America under the Inflation Reduction Act, the two automakers are betting on demand for their electric cars abroad.

Hyundai aims to sell 330,000 EVs this year, up 54 percent on the strength of the revamped Kona SUV and high-performance Ioniq 5N, plus the global launch of the Ioniq 6 sedan, which hit showrooms in Korea late last year.

In the U.S., it plans to roll out the Ioniq 6 in the first quarter and the Kona in the second half to shift 70,000 EVs, twice as many as last year.

Hyundai also hopes to sell 100,000 EVs at home, up 40 percent. It aims to boost its brand image with a premium EV lineup and expand lease sales in the U.S., which are still subject to subsidies.

EV subsidies are also set to decrease in Europe, but Hyundai hopes to sell more Konas there because they will still benefit from them.

Kia sold 160,000 EVs last year and aims to sell 250,000 this year, up 57 percent. It does not expect the end of U.S. tax credits to hurt sales of the EV6 GT since that never qualified in the first place. Kia also plans to offer various incentives for EV buyers to boost sales there.