Hyundai was poised to become Tesla's top contender. Then the US government blindsided it
K-drama, K-pop, kimchi, bibimbap: Korean culture, in the form of entertainment and food, has long taken hold in California and across the U.S.
It's time to add Korean cars to the list.
Sure, Korean automakers have been selling cars in the U.S. for decades — and successfully, though trying to overcome a reputation for low-price, high-value alternatives to Japanese cars.
Now, Korean cars are turning cool. Hyundai, Genesis and Kia — all made by Hyundai Motor Group — have not only achieved parity with the world's top automakers but also "in some segments they've passed the Japanese," said Jessica Caldwell, auto analyst at Edmunds.
Especially notable is the high style and early success of the group's new electric cars. "The Ioniq 5 and Ioniq 6 are standouts," Caldwell said. "They're doing what Tesla did years ago — turning heads."
Japanese automakers, meanwhile, lag so far in EVs that it's causing agita and turnover in their top executive ranks, especially at hybrid-centric Toyota, which recently replaced its chief executive.
Tesla remains far out front in electric car sales, with 59% market share in the U.S., according to Edmunds. But companies such as Hyundai,
You’re reading a preview, subscribe to read more.
Start your free 30 days