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Sales of Korean EVs Plummet in U.S. as Subsidies Dry up

Sales of Korean EVs Plummet in U.S. as Subsidies Dry up

Hyundai and Kia posted overall record sales in the U.S. in November, but sales of its flagship electric cars dwindled as government subsidies were stopped.

The culprit is the Inflation Reduction Act, which excludes EVs made outside North America from tax rebates.

Hyundai sold 1,191 Ioniq 5s and Kia just 641 EV 6s, down 24.5 percent and 46 percent from October.


They had sold about 2,000 EVs per month before the act went into effect. But their overall sales in the U.S. have been rising. Some 68,310 Hyundais and 56,703 Kias were sold there in November, up 38.4 percent and 25.1 percent on-year and record highs for November.

A Hyundai spokesman also blamed the fact that the novelty effect of the two EVs wore off. Sales already dropped to 1,500 a month in August, when U.S. President Joe Biden signed the IRA.

“We’re going to recover lost sales by rolling out new cars such as Kia’s Niro EV and Hyundai’s Ioniq 6 because demand for EVs is still high,” he added.

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