Can the Ioniq 9 make up for Hyundai's rocky quarter?

Hyundai Motor Group aims to sell 100,000 electric vehicles in the United States by the end of this year despite the fact that its models do not qualify for the country's $7,500 federal tax credit.

Hyundai's Ioniq 5 N EV [HYUNDAI MOTOR]

Hyundai Motor Group aims to achieve its highest-ever yearly EV sales in the United States despite not yet benefiting from the country's $7,500 federal tax credit.

The company's third quarter profit fell below analysts' expectations with the fluctuating growth of EV demand and warranty-related expenses weighing on its performance. Still, the company highlighted the upcoming launch of its three-row electric Ioniq 9 SUV, set to be manufactured at the upcoming Hyundai Motor Group Metaplant America in Georgia, as reason enough to expect better results in the near future.

The conglomerate, which had sold a combined 91,348 EVs in the United States through the third quarter of 2024, is determined to bring that number to a record 100,000 in the next two months. “Despite Hyundai Motor Group’s electric vehicles' difficult situation of not receiving 100 percent of the tax credits provided by the Inflation Reduction Act (IRA), the group records second place in EV sales, just short of Tesla,” Hyundai Motor’s Chief Operating Officer and Hyundai and Genesis Motor North America CEO José Muñoz said in a statement. Hyundai Motor Group — the parent conglomerate of Hyundai Motor, Kia and Genesis — whose share of the U.S. EV market surpassed 10 percent in August, now controls just 9.5 percent of the U.S. EV market as of the third quarter of 2024 according to Kelly Blue Book, the No. 2 player after Tesla, which accounts for 49.8 percent, when accounting for data from the first through third quarters of 2024.

The soon-to-be unveiled Ioniq 9 will be Hyundai Motor’s largest electric vehicle, similar in size to Kia’s third-row SUV EV9.

“The large interior space, versatility and technology of the Ioniq 9 will help Hyundai secure a new family of customers,” Muñoz said.

Muñoz teased that the Ioniq 9, inspired by boats with sleek exteriors and wide and comfortable interior, features “enough space for all customers, including those in the third row.”

A teaser image for Hyundai Motor's Ioniq 9 SUV [HYUNDAI MOTOR]

Hyundai Motor Group vehicles will also be equipped with the North American Charging Standard (NACS) in 2025. The Tesla- developed NACS, which manufacturers including General Motors, BMW and Mercedes-Benz have also adopted, will give access to 60,000-plus Supercharger networks in the country.

Hyundai Motor Group's EV sales increased 30.3 percent from the 70,111 models sold during the same period of 2022. Hyundai's Ioniq 5 took up the lion's share, accounting for 30,318 of the units sold, followed by Kia’s EV6 and EV9, which sold 15,985 and 15,970 units, respectively. Genesis’ most sold vehicle was the Electrified GV70.

Muñoz said the company aims to “continue the sales trend to the end of this year.”

The upcoming plant Metaplant is a no doubt a cornerstone of this ambition, as it was built to meet the requirements of the Inflation Reduction Act and unlock the U.S. federal government's $7,500 federal tax credit, a major boost to its competitiveness in the country's market. The 2,923-acre EV-focused manufacturing site in Bryan County, Georgia, kicked off its test production of Ioniq 5 on Oct. 3. In addition to producing the Ioniq 9 next year, it will produce Genesis and Kia models for North America.

The results of Tuesday's U.S. presidential election could throw that plan into doubt, however, as Donald Trump has repeatedly indicated his intention to scrap the subsidy entirely if elected.

BY CHO YONG-JUN [cho.yongjun1@joongang.co.kr]