Bbg: $HYMTF Quietly Ascends EV Sales Chart

Bloomberg headline: Hyundai Quietly Climbs the EV Sales Charts and Elon Musk Notices

Sub-headline: The hottest electric cars in the US market aren’t coming from Tesla factories. All eyes are on Hyundai’s Ioniq 5 and the Kia EV6.

By Kyle Stock

June 25, 2022, 10:00 AM UTC Updated onJune 25, 2022, 11:08 AM UTC
From Hyperdrive

Earlier this year, the South Korean carmakers rolled out two new battery-powered cars — the Hyundai Ioniq 5 and its sibling, the Kia EV6 — which promptly tore up the sales charts, passing the Nissan Leaf, Chevrolet Bolt and every other electric vehicle on the market not made by Tesla. In the US this year through May, Hyundai and Kia sold 21,467 of these two machines, besting even the white-hot Ford Mustang Mach-E, which was snapped up by 15,718 drivers.


The Ioniq 5 and EV6 both offer the cargo space of a small SUV, the size and shape of vehicle that has taken over US garages of late. Both cars ride on the same modular platform, incorporate the same motors and batteries and post similar speed specifications. They are tricked out with screens and charge at some of the fastest rates in the industry, adding almost 16 miles of range in a minute under ideal conditions. They also offer a couple features that are novel in the space: pedals to adjust regenerative braking and bi-directional power (yes, you can run power tools or charge another EV with one of these machines).

Starting around $40,000, they are drawing buyers with smaller budgets who otherwise may have bought a starter sedan, says Yoon at Edmunds. And yet, they are plush enough inside to pull from the top of the market as well, as drivers trade in luxury cars with internal combustion engines.

Tip: If you don’t want to buy Hyundai/Kia shares on the OTC, there’s a way to open the backdoor to exposure into a safer alternative: $EWY - the South Korean ETF - which reps the best of the biggest caps in South Korean Industry. Don’t forget that Hyundai/Kia also lead in H2 propulsion which is supported in a big way by the South Korean government.

Top Ten holdings of $EWY are:

Name	                        Symbol	              % Assets
Samsung Electronics Co Ltd	005930.KS	      21.78%
SK Hynix Inc	                000660.KS	       5.30%
NAVER Corp	                035420.KS	       4.71%
Samsung SDI Co Ltd	        006400.KS	       3.70%
Kakao Corp	                035720.KS	       3.56%
LG Chem Ltd	                051910.KS	       3.46%
Hyundai Motor Co	        005380.KS	       2.79%
POSCO	                        005490.KS	       2.55%
Celltrion Inc	                068270.KS	       2.16%
Kia Corp	                000270.KS	       2.05%

I would say Kia is now outselling all other brands in Key West from observing the amount of their cars now on our roads. The Kia dealership in Key West has a website which needs work, but they do have a stellar rep for service.

So far, roughly three in four EV6 buyers were previously driving a car from another brand, according to Kia, and only one in 10 has previously owned a plug-in vehicle. The current waitlist for the EV6 is about six months long and the average transaction price is a few thousand dollars above the sticker price, according to Bloomberg Intelligence, which suggests most buyers are willing to pay a premium.

“Our dealers are reporting that these cars are sold within hours,” said Eric Watson, vice president of sales at Kia America Inc.

Kosowski said the new Hyundai products are capitalizing, in part, on “Tesla fatigue,” as the first-mover sedans and SUVs become ubiquitous even beyond coastal states. Also, Hyundai owners are sticking with what they know — of those trading in a Hyundai or Kia recently, about 60% stayed with the brand, according to Edmunds.