Hyundai And Kia EV Sales Collapse After Tax Credits Vanish Overnight

• Hyundai's Ioniq 5 sales plunged after federal tax credits ended.
• Kia's EV9 and EV6 saw steep drops of 66 and 71% respectively.
• Kia delayed its EV4 launch citing changing U.S. market conditions.

We all knew that sales of EVs in the US would fall dramatically in October, since there's no $7,500 federal tax credit available. However, major automakers like Hyundai and Kia may not have anticipated just how dramatically sales would fall due to this policy change.

Starting with Hyundai, it recently confirmed that it sold 70,118 vehicles last month, a 2 percent decline from the 71,802 in October 2024. Importantly, year-to-date sales are up 10 percent to 748,467. But this is where the good news mostly ends.

Read: Hyundai Enjoys Record Sales Thanks To Some Unlikely Models

Sales of the Ioniq 5 plummeted 62 percent to just 1,642 units, down from 4,498 sold last October. Similarly, Hyundai sold 52 percent fewer Ioniq 6s, down from 837 units to 398. The Ioniq 9 wasn't available last year, but it hasn't been a big seller this year, shifting 4,494 units year-to-date and just 317 in October.

Other Hyundai models that experienced significant declines included the Kona (-13 percent), Santa Cruz (-29 percent), Sonata (-32 percent), and Elantra (-16 percent). Helping to prop up total sales were the likes of the Palisade (+6 percent), Santa Fe (+22 percent), Tucson (+16 percent), and Venue (+49 percent).

Hyundai USA Sales

Things are similar at Kia. Year-to-date, it sold 705,150 vehicles, a solid increase from the 653,078 units moved over the same period in 2024. Its total sales also rose slightly in October from 68,908 units to 69,002. However, like Hyundai, Kia EVs didn't share in this success.

Kia sold just 666 examples of the three-row EV9 this October, over 1,941 examples sold the same month last year. Overall sales of the EV9 this year are down from 17,911 to just 13,114. Then there's the EV6, which saw its number fall from 1,732 to just 508.

Through the first ten months of the year, 11,585 EV6s have been sold compared to the 17,717 last year. Kia also sells the Niro as an EV in the US, but has grouped its sales with those of the gasoline and hybrid versions.

These numbers come just after Kia confirmed that it has postponed the American launch of the EV4 "until further notice" due to changing market conditions.

Kia USA Sales