Hyundai Motor Global EV Wholesale Sales Hit The Brakes In February 2024

Hyundai Motor Firm’s (Hyundai and Genesis manufacturers) world car gross sales in February 2024 amounted to 314,909, down 4.1% year-over-year. This affected the year-to-date end result, which at 632,765 is 0.9% decrease than a 12 months in the past.

The slight lower in world gross sales quantity is nothing in comparison with the numerous drop within the firm’s plug-in electrical automobile gross sales in February, which have been down by nearly 46% year-over-year.

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Hyundai EV gross sales hit new file in 2023

In 2023, Hyundai Motor’s world plug-in automobile gross sales exceeded 300,000 (up 29% in comparison with 2022). This contains over 260,000 all-electric Hyundai and Genesis vehicles. The 12 months 2024 may be rather more difficult.

Final month, the mixed wholesale shipments (that are intently associated to manufacturing) of Hyundai and Genesis plug-in vehicles amounted to *16,482 (down 46% year-over-year). That is the fourth consecutive lower, however this time, the drop is probably the most important we ever recorded.

The quantity itself additionally was the bottom since March 2022. We estimate that it’s round 5.2% of the automaker’s whole gross sales quantity (in comparison with 9.4% a 12 months in the past).

*Retail gross sales in South Korea plus abroad gross sales (based mostly on wholesales; on the producer degree), unaudited and on a preliminary foundation.

All-electric automobile quantity decreased by 45% year-over-year to 13,880, together with 12,859 Hyundai (down 45% year-over-year) and 1,021 Genesis (down 42% year-over-year).

In the meantime, plug-in hybrid automobile quantity amounted to 2,602 (up 50% year-over-year). The hydrogen gas cell gross sales (Nexo mannequin) accomplished the weak month with a 64% lower to 332 items.

Wholesale plug-in automobile gross sales final month (YOY change):

• BEVs: 13,880 (down 45%) and 4.4% share
  Hyundai BEVs: 12,859 (down 45%)
  Genesis BEVs: 1,021 (down 42%)
• PHEVs (Hyundai): 2,602 (down 50%) and 0.8% share
• Complete plug-ins: 16,482 (down 46%) and 5.2% share
• FCVs (Hyundai): 332 (down 64%) and 0.1% share

To date this 12 months, the plug-in electrical automobile wholesale shipments exceeded 35,000, down 31% year-over-year. The beginning of the 12 months signifies that Hyundai Motor has skilled some challenges in regard to electrification.

Wholesale plug-in automobile gross sales year-to-date (YOY change):

• BEVs: 29,425 (down 32%) and 4.7% share
  Hyundai BEVs: 27,728 (down 31%)
  Genesis BEVs: 1,697 (down 44%)
• PHEVs (Hyundai): 5,715 (down 27%) and 0.9% share
• Complete plug-ins: 35,140 (down 31%) and 5.6% share
• FCVs (Hyundai): 338 (down 75%) and 0.1% share

For reference, in 2023, plug-in electric car wholesale shipments exceeded 309,000 (up 29% year-over-year), which was about 7.4% of the total volume. All-electric automobile gross sales nearly reached 260,000 (up 33% year-over-year), accounting for six.2% of the overall quantity.

Curiously, in the United States Hyundai’s all-electric car sales are growing fast.

Hyundai model

In February, wholesale shipments of the E-GMP-based fashions (Hyundai Ioniq 5, performance-oriented Hyundai Ioniq 5 N, Hyundai Ioniq 6, and Genesis GV60) decreased by 50% year-over-year to eight,839. It is the lowest degree since August 2022.

The highest two all-electric fashions within the lineup are the Ioniq 5 and Kona Electric.  The Ioniq 6 quantity decreased by a shocking 90% year-over-year to 683 items.

Prime fashions (wholesale shipments) final month and YTD (YOY change):

• E-GMP BEVs: 8,839 (down 50%) and 19,056 YTD (down 36%)
• Hyundai Ioniq 5: 6,705 (down 33%) and 15,197 YTD (down 12%)
• Hyundai Kona Electrical: 4,588 (down 33%) and 9,493 YTD (down 24%)
• Hyundai Ioniq 5 N: 883 (new) and 1,868 YTD (new)
• Hyundai Ioniq 6: 683 (down 90%) and 1,170 YTD (down 89%)

The hydrogen gas cell mannequin—Hyundai Nexo—famous 332 items final month (down 64% year-over-year).

Genesis model

Electrification of the Genesis model has been going within the mistaken course not too long ago, because the wholesale shipments amounted to 1,021 items (down 42% year-over-year).

Mainly, all three Genesis fashions—Genesis Electrified G80, Genesis GV60, and Genesis Electrified GV70—are down.