Hyundai and Kia EV Sales Plummet Following Sudden Loss of Tax Credits | Carscoops

      Despite lackluster sales for its electric vehicles, Kia's overall sales in the U.S. are actually up this year.

      14 hours ago

      by Brad Anderson

      Hyundai’s Ioniq 5 sales dropped significantly after the federal tax credits were discontinued.

      Kia’s EV9 and EV6 experienced substantial declines of 66% and 71%, respectively.

      Kia has postponed the launch of its EV4, citing shifts in the U.S. market conditions.

      It was expected that EV sales in the U.S. would see a sharp decline in October, as there were no longer any $7,500 federal tax credits available. However, major manufacturers such as Hyundai and Kia may not have foreseen just how steep the drop would be due to this policy change.

      Starting with Hyundai, the company recently stated that it sold 70,118 vehicles last month, representing a 2% decrease from the 71,802 in October 2024. Importantly, year-to-date sales have increased by 10% to 748,467. However, this is where the positive news largely ends.

      Sales of the Ioniq 5 fell by 62% to just 1,642 units, down from 4,498 sold in the same month last year. Likewise, Ioniq 6 sales dropped by 52%, from 837 units to 398. Though the Ioniq 9 was not available last year, it hasn’t been a major seller this year, with only 4,494 units sold year-to-date and just 317 in October.

      Other Hyundai models that faced notable declines include the Kona (-13%), Santa Cruz (-29%), Sonata (-32%), and Elantra (-16%). Support to total sales came from models such as the Palisade (+6%), Santa Fe (+22%), Tucson (+16%), and Venue (+49%).

      Hyundai USA Sales

      Kia’s EV Decline

      The situation at Kia is similar. Year-to-date, Kia sold 705,150 vehicles, an increase from the 653,078 units sold during the same period in 2024. Overall sales also saw a slight rise in October, increasing from 68,908 units to 69,002. However, similar to Hyundai, Kia’s electric vehicles did not benefit from this trend.

      In October, Kia sold only 666 units of the three-row EV9, down from 1,941 sold in the same month last year. Year-to-date sales for the EV9 dropped from 17,911 to just 13,114. The EV6 also saw a significant decline, with sales falling from 1,732 to merely 508.

      In the first ten months of the year, 11,585 EV6s were sold compared to 17,717 last year. While Kia also markets the Niro as an electric vehicle in the U.S., it combines its sales with the gasoline and hybrid versions.

      These figures come shortly after Kia announced that it has delayed the American launch of the EV4 “until further notice” due to changes in market conditions.

      Kia USA Sales