According to foreign media reports, Randy Parker, CEO of Hyundai Motor USA, said that competition in the US electric vehicle market will intensify in the second half of the year.
Parker told the media: “We are quite optimistic about the second half of the year, but the second half will also be very difficult.
” He said Hyundai Motor currently offers three electric vehicles in the U.S. market and has found its “best” in electric vehicle sales, and the company plans to “move forward.
” In the first half of this year, Hyundai’s total sales in the United States were 399,523 units, a year-on-year increase of 1.2%. The company said electric vehicles accounted for 7.
3% of its total U.S. sales in the first half of this year.
Photo source: Hyundai Motor, Hyundai said its electric vehicle sales accounted for 5.
4% of the entire U.S. industry in the first half of the year from 3.
4% in January.
Parker said that although some people say consumers are not interested in electric vehicles,”the evidence is always reflected in performance, and our performance is quite good.
” Although sales of electric vehicles are still growing, analysts predict that growth will slow this year because a previous surge in sales has increased the share of electric vehicles in the U.S. market to 8% from just over 1% three years ago.
Market watcher Cox Automotive predicts that electric vehicles will account for more than 10% of total new car sales in the United States in 2024.
But after entering the second half of the year, the US electric vehicle industry will face difficulties.
Parker said: “We are seeing many major competitors cutting prices.
Tesla, Ford and Nissan have all cut prices this year, and we still need to address consumer concerns about affordability, battery life anxiety and charging infrastructure.
“, Parker believes that higher interest rates have had a huge impact on monthly supply.
Interest rates may fall near the U.S. presidential election in November, but it is still uncertain.
Automotive analyst Stephanie Brinley said: “A number of electric vehicles will be launched on the market in the second half of 2024, and the inventory of electric vehicles launched in the first half will also improve.
” Brinley said: “On the one hand, newer products will pose challenges to existing electric vehicles.
On the other hand, the launch of new products will be accompanied by increased marketing, thereby increasing consumer awareness of this market segment.
Both Hyundai and Zenith have good product lineups, which will provide them with a strong barrier to competition.
“, In this regard, Parker said: “With our product portfolio and our electric vehicle sales, we are ready to meet the challenge.
“, Return to the first electric network home page>,.
