According to media reports, South Korean automaker Kia announced plans to ramp up production of its large electric SUV, the Kia EV9, at its plant in Georgia, USA, driven by strong demand in the U.S. market. Since trial production began at the Georgia plant in May this year, only 1,210 Kia EV9 SUVs were produced in November 2023. Consequently, most Kia EV9 SUVs sold in the U.S. are still imported from South Korea.
Kia stated that the cumulative sales of the Kia EV9 in the first 11 months of this year reached 20,066 units, making it the best-selling Kia electric vehicle in the U.S. market. In contrast, only 1,903 units of the EV9 were sold in South Korea during the same period.
The robust sales of the Kia EV9 in the U.S. contributed to Kia achieving record-breaking monthly sales of 70,107 units in November, up approximately 20% year-over-year. Kia's electric vehicle sales in the U.S. increased by 45% during the same month, with the EV6 showing the largest growth, up 46% year-over-year.
Strong demand for electric and hybrid vehicles also benefited Hyundai Motor, which owns more than one-third of Kia. Hyundai's U.S. sales grew by 8% year-over-year in November to 76,008 units, with electric vehicle retail sales surging 92%. The Hyundai IONIQ 5 posted the highest year-over-year sales growth, up 110%.
However, it's worth noting that despite the rapid growth in electric vehicle sales for Hyundai and Kia in November, their EV sales still accounted for a small share of total sales in the U.S. For instance, the Kia EV6 and EV9 represented less than 6% of Kia's total sales, while the Hyundai IONIQ 5 and IONIQ 6 accounted for less than 7% of Hyundai's total sales.
Additionally, there are signs that U.S. electric vehicle sales may be slowing. Consulting firm J.D. Power recently revised its forecast for the U.S. EV market share this year, lowering it from 12% to 9%. Hyundai previously stated that it plans to focus on increasing hybrid vehicle production in the U.S. due to the recent slowdown in EV sales. However, Hyundai also emphasized that it is seeking to gradually increase production of the Kia EV9 in response to strong demand in the U.S. market.
