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Hyundai Motor Company (OTC:HYMTF) announcedthe launch oftwo new electric vehicles in Europein an effort to boost its market share. The two new models,an affordableEVcalled the Inster EV,and a new IONIQ model, are key segment launches. While itsrivals, including traditional automakers like General Motors (NYSE:GM) and Ford Motor (NYSE:F), but also the EV king, Tesla Inc (NASDAQ:TSLA) are scaling back their efforts, Hyundai is increasing its efforts to fight forleadership in the EV era. According to data from the Korean Automobile & Mobility Association, May already brought some sales records.

Affordable EVs Are In The Air

Last week, Hyundai provided a teaser of its low-costEV for the first time, with theofficial debut of the Inster EVscheduled forthe Busan International Mobilitythat is scheduled tokick off on June 27th.The Insteris key to Hyundai’s plan for EVs to account forat least14 percent ofitstotal sales in Europe this year. Volkswagen Group (OTC:VWAGY) also just finished design work on its affordable all-electric ID. 2. Volkswagen is expected to launch the ID.2. by the end of the year, while Hyundai’s Inster EV willmake its official global debutbefore June ends and Tesla is only talking about working on a low-cost EV. With the looming debut of its entry-level EV, Volkswagen promised the ID.2. turned out even better than the concept. Itwill bewill be one of ten new EVs that Volkswagen plans to launch by 2027.

Hyundai Already Made ARecord InMay

In May,IONIQ 5 set anew monthly sales record with4,449 units sold, bringing the cumulative total of the first five months of 2024 tonearly 15,000units. Kia also made its own record as itsold 7,766 electric SUVs through May, while it also expects to gain the$7,500 tax creditand further boost demand. Later this year,Hyundai is opening its first EV and battery plant in the USand once itbeginsassembling the IONIQ 5,it should also have a contender toqualify for the tax credit.Already, the IONIQ 5 and IONIQ 6, are some of the most affordable and efficient EVs on the market, with the upcoming IONIQ yet to be unveiled.

Hyundai and Kia show South Korean automakers have what it takes for the EV race.

Hyundai started off 2024 on a good note or more precisely, with a record start. In May, it sold more than 17,000 EVs across the globe. In the U.S., it is even challenging the EV king, Tesla. In May, Hyundai Motor Group that includes Kia, made 11.2% of the EV market in the U.S. By hitting double digits in market share, Hyundai and Kia are getting closer to close the gap with Tesla.While Tesla led by 52.9%last year, the gap fell to40.5% through Maythis year as Hyundai continues to grow itsmarket share. Although the fall of Tesla and its market share was bound to happen at some point, figures show that Hyundai and Kia are doing something right with their EV offerings and strategies.

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