Hyundai Motor Global EV Wholesale Sales Hit The Brakes In February 2024
Hyundai Motor Company’s (Hyundai and Genesis brands) global vehicle sales in February 2024 totaled 314,909, which is a 4.1% decrease compared to the previous year. This led to a year-to-date result of 632,765, down 0.9% from the same time last year.
The decline in global sales volume was minor compared to the significant drop in plug-in electric car sales at Hyundai in February, which saw a nearly 46% decrease year-over-year.
Last month, combined wholesale shipments of Hyundai and Genesis plug-in cars amounted to 16,482 units, marking a 46% drop from the previous year. This decrease was the largest recorded and the fourth consecutive decline, with the volume being the lowest since March 2022.
The all-electric car volume decreased by 45% year-over-year to 13,880 units, with Hyundai accounting for 12,859 (down 45%) and Genesis for 1,021 (down 42%) of those sales.
On the other hand, plug-in hybrid car volume increased by 50% year-over-year to 2,602 units. Hydrogen fuel cell sales for the Nexo model experienced a steep 64% decrease to 332 units.
For reference, in 2023, plug-in electric car wholesale shipments exceeded 309,000 units, accounting for about 7.4% of the total volume. All-electric car sales almost reached 260,000, making up 6.2% of the total volume.
In the United States, Hyundai’s all-electric car sales are showing rapid growth.
The E-GMP-based models (Hyundai Ioniq 5, Hyundai Ioniq 5 N, Hyundai Ioniq 6, and Genesis GV60) saw a 50% year-over-year decrease in wholesale shipments to 8,839 units in February. This drop was the most considerable recorded since August 2022.
The top models in the lineup are the Ioniq 5 and Kona Electric. The Ioniq 6 experienced a sharp 90% year-over-year decline to 683 units.
Genesis brand’s electrification also faced challenges, with wholesale shipments dropping by 42% year-over-year to 1,021 units. All three Genesis models—Genesis Electrified G80, Genesis GV60, and Genesis Electrified GV70—experienced declines.
Overall, it seems that Hyundai Motor has encountered difficulties in terms of electrification, with wholesale plug-in car sales down by 31% year-over-year so far this year.
Consider the bar raised. Introducing the All-Electric #Chevy #BlazerEV. pic.twitter.com/W2zgV8ZclA
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