Elon Musk wants the world to view Tesla Inc. (NASDAQ: TSLA) as a robotics and artificial intelligence company. The truth is, it makes money from cars. It remains the number one electric vehicle (EV) company in the United States, with half the market. While it is slipping in China and Europe, it retains a strong presence in both places.
Old models and Elon Musk’s reputation have dragged on Tesla Inc.’s (NASDAQ: TSLA) performance.
Hyundai and its Ioniq brand could be poised to overtake Tesla as the global EV leader.
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Musk has damaged his own brand due to his controversial and very public views on several subjects. He remains the most prominent chief executive officer in the world, and certainly the most visible. The conventional wisdom is that he has let BYD in the door as it became the top EV manufacturer, ahead of Tesla, last year.
However, BYD’s success is because it is a Chinese company that sells EVs to the Chinese. There are other car companies, including some of the largest in the world, that have built world-class EVs and sell them around the world.
Hyundai IONIQ by JayUny / BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0/)
The one company Musk should be watching is Hyundai, the world’s third-largest car company, based on unit sales. It also owns the Kia brand.
Hyundai’s launch of the Ioniq brought a reasonably priced, world-class EV into the market. Industry views of Hyundai cars are stellar, and it has the low price point customers are looking for. Musk’s failure to introduce a $25,000 EV has hurt Tesla. Car and Driver recently reviewed the Ioniq 5 N: “It’s a performance car, a fresh take on EV performance, and a throwback all wrapped into one everyday-useful package.”
Hyundai’s Kona EV is priced at $33,000. At the high end, the price of an Ioniq 9 is closer to $60,000. This means that Hyundai has as broad a range of vehicle types as Tesla. Unlike Tesla, though, the models are not old.
Hyundai has already made a huge stride in the United States. With an EV market share of almost 10%, it is in second place, just ahead of GM and Ford. Based on its global footprint and access to capital, it can boost that market share.
Tesla’s challenge continues to be old models and Musk’s reputation. Hyundai has the tools and capital to exploit that.
If Musk has anyone in the rearview mirror to worry about, it is the South Korean company.
Tesla Stock Price Prediction and Forecast 2026–2030
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