Hyundai Electric Vehicles Expect a Promising Future

Hyundai set a new electric vehicle sales record in the United States in 2023, selling a combined 46,917 IONIQ 5 and IONIQ 6 models even though the cars did not qualify for the federal EV tax credit outside of leasing programs.

The IONIQ 5 led the way with 33,918 units for the year, a 48 percent jump over 2022, including a 90 percent year over year increase in December and a 92 percent gain in the fourth quarter.

The newer IONIQ 6, which launched in spring 2023, added 12,999 sales, with 2,056 in December and 4,681 in the fourth quarter.

The electric results contributed to a record overall year for the automaker, which sold 801,195 vehicles in the United States, an 11 percent increase over the prior year and its third straight annual record.

Hyundai's global president said the company could have sold even more electric vehicles if production capacity had allowed, citing strong demand for its dedicated EV lineup.

Together with Kia, the Hyundai Motor Group outpaced General Motors and Ford in third quarter EV registrations, and Kia also posted record sales in 2023.

The IONIQ record was a warning about capacity, and Hyundai answered it with concrete. Its Georgia Metaplant now builds the IONIQ 5 and IONIQ 9, and CEO José Muñoz told CNBC the company may lift planned capacity from 500,000 to as many as 800,000 vehicles by 2028, with a 15% tariff on Korean imports pushing the move. The EV math is less tidy: Electrek counts 26,936 Hyundai EVs sold in the first half of 2026, down 5.4%, as the IONIQ 6 is phased out, while hybrids carry the growth. Watch whether the expansion is confirmed ahead of that 2028 target, and whether Hyundai passes Chevrolet, 1,331 EV sales ahead, by year end.