Is Hyundai already planning to go after Tesla’s new Cybertruck? Following a teardown and analysis of the Tesla Cybertruck, Hyundai wants to make a comeback in the US pickup truck market.
Hyundai tears down the Tesla Cybertruck for analysis
Hyundai Motor Company, including Kia and Genesis, had a record-setting year in the US in 2023. After topping Jeep owner Stellantis, Honda, and Nissan in sales last year, Hyundai became America’s fourth-largest automaker.
Now that the ball is in the South Korean automaker’s court, Hyundai doesn’t plan on letting up. Hyundai is missing out on one of the largest segments in the US auto market: pickup trucks.
According to Cox Automotive, full-size pickup trucks accounted for 13.7% of new vehicle sales in June, topping midsize (5.4%) and compact cars (7.6%).
A new exclusive report from Korea’s Naver claims Hyundai’s Namyang Research Center began tearing down the Tesla Cybertruck (see our review) for analysis last month. After testing was complete on July 28, the xEV TF team in charge of EREV research and development is making it a priority.
Plans to conquer the surging US pickup market
Hyundai and Kia want to “conquer” the US pickup market, according to the report. Hyundai plans to build over 50,000 extended-range electric vehicles (EREV) per year starting in 2029.
On the other hand, Kia has been teasing its first pickup, the Tasman, ahead of its debut later this year.
The Kia pickup will launch in Korea, Australia, Africa, and the Middle East in the first half of 2025. However, Kia has yet to announce if it will land in the US.
Kia announced plans in 2022 to launch two electric pickups: one dedicated model and another for strategic emerging markets.
Following the Tesla Cybertruck teardown, will we see an electric Hyundai or Kia pickup hit the US? The report claims Hyundai is focusing on EREV tech following China’s large-scale influence at the Beijing Motor Show.
This is not the first time Hyundai has tested a rival brand’s electric pickup. Last month, a Ford F-150 Lightning with Korean test plates was spotted near Hyundai’s facility.
Tesla’s Cybertuck topped Ford’s Lightning in US registrations in May to become the top-selling electric pickup. According to S&P Global Mobility data, the Cybertruck was the fifth top-selling EV in the US in May, while the Lightning was number 10.
With the Tesla Cybertruck and Ford F-150 Lightning spotted in Hyundai’s backyard, a pickup seems more than likely.
Hyundai’s Santa Cruz was expected to be the one, but it ranked 12th in US pickup sales last year. Hyundai has sold about 20,500 Santa Cruz models in the US through July 2024, 10% fewer than last year.
Ford has sold over 421,000 F-Series trucks so far this year, with nearly 18,500 being Lightning models.
Meanwhile, Hyundai is wrapping up final testing on its first three-row electric SUV, the IONIQ 9. Hyundai is expected to officially unveil the IONIQ 9 in November at the LA Auto Show as the automaker looks to keep the momentum going.
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