Hyundai Motor Global Electric Vehicle Wholesale Sales Dropped Once Again In April 2024

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By Car Brand Experts

The total global vehicle sales for Hyundai Motor Company (including Hyundai and Genesis brands) in April 2024 stood at 345,840, showing a 3.3% decline compared to the previous year. Over the initial four months of this year, the company managed to sell 1,352,607 vehicles, reflecting a 0.3% decrease from the same period last year.

It seems that the South Korean automaker is facing a sluggish trend in Electric Vehicles (EVs) as its plug-in sales have been continuously dropping for the sixth straight month.

The first six months ahead might pose challenges

In 2023, Hyundai Motor witnessed a surge in global plug-in car sales, surpassing 300,000 units, marking a 29% rise from 2022. However, the scenario is different this year, with plug-in sales plummeting by nearly one-third.

During the last month, the combined wholesale shipment of Hyundai and Genesis plug-in cars amounted to *21,605 (a reduction of 24% year-over-year).

It is estimated that this volume constitutes about 6.2% of the automaker’s overall sales (versus 8.4% in the preceding year).

*The figures regarding retail sales in South Korea and overseas (based on manufacturer-level wholesale) are provisional and not yet audited.

The wholesale quantities of all-electric cars saw a 27% decrease year over year, with 17,398 units, comprising 16,458 Hyundais (down 24% year over year) and 940 Genesis vehicles (a 57% reduction compared to the previous year).

As per the company’s report, the global sales of all-electric cars surpassed 19,000 units, slightly surpassing wholesales.

On the other hand, the volume of plug-in hybrid cars totaled 4,207 units (a 7% decline year over year), while sales of hydrogen fuel cell vehicles have experienced a downward trend for 13 consecutive months.

Wholesale sales of plug-in cars last month (year-over-year change):

  • Battery Electric Vehicles (BEVs): 17,398 (down 27%) with a 5% market share
    Hyundai BEVs: 16,458 (decreased by 24%)
    Genesis BEVs: 940 (dropped by 57%)
  • Plug-in Hybrid EVs (Hyundai): 4,207 (declined by 7%) with a 1.2% market share
  • Total plug-ins: 21,605 (a 24% decline) making up a 6.2% market share
  • Fuel Cell EVs (Hyundai): 255 (a decrease of 28%) with a 0.1% market share

Throughout this year, the wholesale shipments of plug-in electric cars reached 78,350, marking a 31% decrease from the previous year. It was previously mentioned that the year started off weak, but it’s worth noting that the same period last year displayed exceptionally strong figures.

Year-to-date wholesale sales of plug-in electric cars (year-over-year change):

  • BEVs: 66,133 (down 31%) with a 4.9% market share
    Hyundai BEVs: 62,452 (decreased by 29%)
    Genesis BEVs: 3,681 (fell by 54%)
  • PHEVs (Hyundai): 12,217 (shrunk by 31%) with a 0.9% market share
  • Total plug-ins: 78,350 (a 31% drop) constituting a 5.8% market share
  • FCVs (Hyundai): 862 (plummeted by 64%) with a 0.1% market share

For comparison, in 2023, wholesale shipments of plug-in electric cars surpassed 309,000 units (an increase of 29% year-over-year), representing about 7.4% of the total volume. All-electric car sales came close to 260,000 units (a 33% rise year-over-year), making up 6.2% of the total sales volume.

On the other hand, Hyundai observed a rise in EV sales in April in the U.S.

Hyundai brand

In April, the wholesale shipments of E-GMP-based models (including Hyundai Ioniq 5, performance-oriented Hyundai Ioniq 5 N, Hyundai Ioniq 6, and Genesis GV60) witnessed a 26% year-over-year decline to 12,162 units. This marks the eighth consecutive month of year-over-year decrease.

The top two all-electric models in the lineup are the Hyundai Ioniq 5 and Kona Electric. The Ioniq 6 secured the third spot, slightly edging out the Ioniq 5 N, which again achieved a monthly volume of over 1,000 units.

Key models (wholesale shipments) last month and year-to-date (year-over-year change):

  • E-GMP BEVs: 12,162 (fell down by 26%) with a YTD total of 45,096 (a 32% drop)
  • Hyundai Ioniq 5: 8,092 (down by 25%) registering 32,659 YTD (a 14% decrease)
  • Hyundai Kona Electric: 4,850 (a 22% decline) with 19,041 YTD (a 28% reduction)
  • Hyundai Ioniq 6: 2,630 (a 43% drop) recording 6,944 YTD (a 70% decrease)

The hydrogen fuel cell model, Hyundai Nexo, saw sales of 255 units in the last month (down by 28% year over year). Year-to-date, sales have shrunk by 64%, reaching 862 units.

Genesis brand

In April, electrification efforts of the Genesis brand continued to disappoint, with wholesale shipments amounting to 940 units (a 57% decrease year-over-year).

All three Genesis models—Genesis Electrified G80, Genesis GV60, and Genesis Electrified GV70—saw a decline in sales. The top performer was the Genesis GV60, with 554 units sold in April (down by 51% year-over-year) and 1,685 units sold year-to-date (a 64% decrease).

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