Hyundai Motor's Kia Electric Vehicle, U.S. sales decline... Effects of the Inflation Reduction Act

Concerns over a slowdown in the economy are having a full-fledged impact on car sales. In this situation, sales of Korean electric vehicles in the U.S. fell sharply in the wake of the "Inflation Reduction Act."

According to Hyundai Motor's Kia U.S. sales agency on the 3rd (local time), Hyundai Motor Group's electric vehicle sales in the U.S. have decreased significantly compared to the previous month since September when the inflation reduction law took effect in earnestly.

Sales of the Ioniq 5 fell 14% from the previous month to 1,306 units in September. It was down more than 30 percent from July (1984 units).

Kia's electric vehicle EV6 was also sold 1,440 units in September. This is a decrease of 400 units (22%) compared to 1840 units in August.

The Inflation Reduction Act was promulgated by U.S. President Joe Biden on August 16 and took effect immediately.

The law stipulates that subsidies of up to $7,500 (about 10 million won) are provided in the form of tax credits only for electric vehicles that are finally assembled in the United States.

Meanwhile, car sales in the U.S. in September are in full swing due to concerns over a slowdown in the economy.

GM sold 555,580 units in the third quarter, ahead of Toyota's sales (526,017 units).

From January to September this year, GM had 80,000 more cumulative sales than Toyota. If GM sales surpass Toyota this year, GM will become the first in sales in the U.S. market in more than 90 years since 1931, Reuters predicted.

Hyundai Motor's electric vehicle Ioniq 5. Photo = Hyundai Motor
Unlike the electric vehicle situation, Hyundai Motor and Kia Motors continued to increase their total number of cars sold in the U.S. market in September compared to the same month last year.

Hyundai Motor sold 59,465 units in the U.S. over the past month, up 11 percent from the same period a year ago.

Kia also sold 56,270 units in September, up 6% from the same month last year. It's the highest sales ever in September.

Randy Parker, president of Hyundai Motor's U.S. sales agency (HMNA), said, "Although sales have increased, consumers' sentiment over car purchases is worsening due to continuous interest rate hikes, so we are keeping a close eye on future prospects."

Source: Global Economic Daily (http://www.getnews.co. Hyundai Motor Kia Electric Vehicle, U.S. sales decrease...Effects of the Inflation Reduction Act

Concerns over a slowdown in the economy are having a full-fledged impact on car sales. In this situation, sales of Korean electric vehicles in the U.S. fell sharply in the wake of the "Inflation Reduction Act."

According to Hyundai Motor's Kia U.S. sales agency on the 3rd (local time), Hyundai Motor Group's electric vehicle sales in the U.S. have decreased significantly compared to the previous month since September when the inflation reduction law took effect in earnestly.

Sales of the Ioniq 5 fell 14% from the previous month to 1,306 units in September. It was down more than 30 percent from July (1984 units).

Kia's electric vehicle EV6 was also sold 1,440 units in September. This is a decrease of 400 units (22%) compared to 1840 units in August.

The Inflation Reduction Act was promulgated by U.S. President Joe Biden on August 16 and took effect immediately.

The law stipulates that subsidies of up to $7,500 (about 10 million won) are provided in the form of tax credits only for electric vehicles that are finally assembled in the United States.

Meanwhile, car sales in the U.S. in September are in full swing due to concerns over a slowdown in the economy.

GM sold 555,580 units in the third quarter, ahead of Toyota's sales (526,017 units).

From January to September this year, GM had about 80,000 units of Toyota Motor Corporation. If GM sales outpace Toyota this year, GM will become the No. 1 seller in the U.S. market for the first time in more than 90 years since 1931, the news agency predicted.

Hyundai Motor's electric vehicle Ioniq 5. Photo = Hyundai Motor

Hyundai Motor Co. and Kia Motors Corp. sold more cars in the U.S. market in September than in the same month last year.

Hyundai Motor sold 59,465 units in the U.S. over the past month, up 11 percent from the same period a year ago.

Kia also sold 56,270 units in September, up 6 percent from the same month a year earlier. It's the highest sales so far for September.