Tesla‘s CEO Elon Musk commented on Friday a tweet saying the South Korean automaker Hyundai “doing pretty well” having 9% of EV market share in the U.S. during the first quarter of 2022. The pie chart shows Tesla’s leadership in the first quarter with an EV market share of 75.8% followed by Hyundai with 9% and the German automaker Volkswagen with 4.6%.
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In the first quarter of the year, Hyundai‘s electrified vehicle retail sales increased 241% with its net profit reaching 1.78 trillion won ($1.42 billion), up 17% from 1.52 trillion won in the year-earlier period.
“A combination of increased sales of high-end Genesis and SUV models, friendly exchange rates, low inventory levels and reduced incentives for dealers in major markets offset the negative impact of the global chip shortage and higher raw materials prices,” Hyundai Motor said in a statement.
Back in 2018, Hyundai had a huge billboard outside the Geneva Motor Show promoting its new model while aiming Tesla’s CEO: “Your turn, Elon,” the ad declared.
Recently, Hyundai Motor Group announced that will invest more than $10 billion in the United States by 2025 to accelerate innovation and mobility electrification, after the meeting with U.S. President Joe Biden in Seoul,
Earlier this week, the Group had announced that reached an agreement with State of Georgia to build full electric vehicle and battery manufacturing facilities in Bryan County representing an investment of approx. $5.54 billion. The project is expected to create about 8,100 new jobs.
The new facility will break ground in early 2023 and is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units. The Group’s U.S. investment decision will support its goal of becoming a leader in electric mobility in the U.S. market, Hyundai said.
On April 19, the automaker announced that expanded its partnership with IonQ to use quantum computing for object detection. The companies said that the project will leverage quantum machine learning to improve the computation process.