Hyundai Motor Global EV Wholesale Sales Continued To Decrease In March 2024
In March 2024, Hyundai Motor Company (including Hyundai and Genesis brands) sold 369,132 vehicles globally, which was a 3.7% decrease compared to the previous year. For Q1 of 2024, the total sales were 1,002,608 units, down 1.9% year-over-year.
The plug-in segment is facing challenges, with sales dropping by approximately one-third. Last month, combined wholesale shipments of Hyundai and Genesis plug-in cars totaled 21,565, marking the fifth consecutive decline in sales.
The plug-in electric car volume decreased by 33% year-over-year to 19,310 units. Specifically, Hyundai saw a 30% decrease, while Genesis experienced a 62% drop in sales. Plug-in hybrid car volume was down by 59%, and hydrogen fuel cell sales have been declining for 12 straight months.
In Q1, plug-in electric car wholesale shipments reached 56,745, a 33% decrease year-over-year. This represents 5.7% of the total volume, lower than the previous year’s 7.4%.
Hyundai’s E-GMP-based models, such as the Ioniq 5 and Kona Electric, reported declining sales in March. The Hyundai Nexo hydrogen fuel cell model saw a 63% decrease in sales.
For Genesis, the wholesale shipments in March amounted to 1,044 units, a 62% decline year-over-year. All three Genesis electrified models showed decreasing sales.
Overall, the first half of the year is anticipated to be challenging for Hyundai Motor Company, particularly in the plug-in segment. The company’s performance in Q2 remains uncertain in light of current trends.
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