[Alpha Biz= Paul Lee] Hyundai Motor Group’s electric vehicle (EV) exports to the United States have plummeted this year, impacted by sluggish local sales and increased focus on U.S.-based production. Concerns are rising that Korea’s domestic EV manufacturing base may weaken further, particularly with the upcoming expiration of the U.S. EV tax credit in September.



According to data released on July 22 by the Korea Automobile & Mobility Association (KAMA), Hyundai Motor and Kia exported a total of 7,156 EVs to the U.S. between January and May 2025—a sharp 88.0% drop from 59,705 units during the same period last year.



Hyundai Motor (including the Genesis brand) recorded 3,906 units, down 87.0% year-on-year, while Kia's exports fell 89.1% to 3,250 units.



This marks the lowest five-month export volume since Hyundai Motor Group began accelerating its electrification strategy in 2021.



The company’s U.S.-bound EV exports steadily increased in recent years:
 

– 4,441 units in Jan–May 2021
– 28,474 in 2022
– 46,542 in 2023
– 59,705 in 2024



Full-year figures also showed consistent growth:
– 19,820 units in 2021
– 68,923 in 2022
– 121,876 in 2023
– 92,049 in 2024



However, the 2025 outlook is bleak, with analysts warning that even reaching 20,000 units this year could be difficult.



The steep decline reflects Hyundai’s strategic shift toward expanding its EV production footprint in the U.S. to comply with the Inflation Reduction Act (IRA), which ties EV tax credits to North American manufacturing. With those credits set to expire in September, the short-term outlook for Korean-made EVs in the U.S. remains uncertain.

 

 

 

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