Hyundai Motor Group’s Global EV Sales Slowed Down In H1 2024

Hyundai Motor Firm’s world automobile gross sales, together with the Hyundai and Genesis manufacturers, had been down greater than 6% year-over-year in June. The tip results of 351,516 gross sales dragged first-half gross sales about 0.9% in comparison with the identical interval final yr. In the meantime, despite strong U.S. sales, Hyundai’s EV recreation is down by double digits globally. 

It is a difficult time for the South Korean producer, which famous a big lower in all-electric and plug-in hybrid automobile gross sales. June was the eighth consecutive month of year-over-year decline. That is regardless of the worldwide EV market increasing, albeit erratically and hampered by issues like high interest rates and hard competitors from Chinese language manufacturers in sure markets.

Hyundai EV gross sales decreased by 30% in H1 2024

All main Hyundai electrical automobiles famous a lower in gross sales through the first half of the yr. The producer intends to spice up its outcomes with the upcoming inexpensive Inster (aka Casper EV) mannequin.

Final month, Hyundai and Genesis plug-in automobiles’ mixed wholesale shipments, that are intently associated to manufacturing, amounted to 21,028, down 34% year-over-year. That determine contains retail gross sales in South Korea plus abroad gross sales, based mostly on wholesales on the producer stage. (Each are unaudited and preliminary.) We estimate that the amount represents about 6.0% of the automaker’s complete gross sales quantity in comparison with 8.5% a yr in the past.

The wholesale quantity of all-electric automobiles decreased by 34% to 17,217, together with 16,193 Hyundai, down 34% year-over-year, and 1,024 Genesis, down 33% year-over-year. The corporate experiences that its world all-electric automobile gross sales exceeded 18,000, which was barely larger than the wholesales.

In the meantime, plug-in hybrid automobile quantity decreased at an analogous fee as all-electric automobile quantity. It amounted to 3,811 and was down 34% year-over-year. Hydrogen fuel cell sales have been down for 15 straight months and for 2 months don’t embrace any exports.

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

• BEVs: 17,217 (down 34%) and 4.9% share
  Hyundai BEVs: 16,193 (down 34%)
  Genesis BEVs: 1,024 (down 33%)
• PHEVs (Hyundai): 3,811 (down 34%) and 1.1% share
• Whole plug-ins: 21,028 (down 34%) and 6% share
• FCVs (Hyundai): 294 (down 5%) and 0.1% share

Thus far this yr, the plug-in electrical automobile wholesale shipments amounted to 122,120, down 30% year-over-year.

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

• BEVs: 102,182 (down 30%) and 5% share
  Hyundai BEVs: 96,742 (down 28%)
  Genesis BEVs: 5,440 (down 53%)
• PHEVs (Hyundai): 19,938 (down 30%) and 1% share
• Whole plug-ins: 122,120 (down 30%) and 5.9% share
• FCVs (Hyundai): 1,472 (down 53%) and 0.1% share

For reference, in 2023, plug-in electric car wholesale shipments exceeded 309,000 (up 29% compared to 2022). All-electric automobile quantity virtually reached 260,000, up 33% year-over-year, accounting for six.2% of the whole quantity.

Curiously, in the U.S., Hyundai increased all-electric car sales during the first half of 2024 by 52% year-over-year.

Hyundai model

In June, wholesale shipments of the E-GMP-based fashions, together with the Hyundai Ioniq 5, performance-oriented Hyundai Ioniq 5 N, Hyundai Ioniq 6 and Genesis GV60, decreased by 30% year-over-year to 11,572. That is the tenth month of year-over-year decline in a row.

Because it seems, all top-selling all-electric Hyundai fashions—the Ioniq 5, Kona Electric and the Ioniq 6—had been down within the first half of the yr. Within the case of the Ioniq 6, the drop was essentially the most important at 62% year-over-year within the first half of the yr.

Within the not-too-distant future, Hyundai intends to launch an all-new, inexpensive electrical mannequin—the Hyundai Inster (in South Korea known as Casper EV). The brand new A-segment sub-compact EV was unveiled on the 2024 Busan Worldwide Mobility Present and is anticipated to spice up the corporate’s EV outcomes.

Hyundai already produces a couple of models of Inster/Casper EV a month, forward of the mannequin ramp-up. We additionally observed an all-new “Ioniq New Automotive” within the stats, which famous three first models. It is likely to be the upcoming massive SUV from Hyundai, however we aren’t positive.

Listed here are the highest fashions ranked by wholesale shipments final month and YTD (YOY change):

• E-GMP BEVs: 11,572 (down 34%) and 70,649 YTD (down 30%)
• Hyundai Ioniq 5: 8,069 (down 21%) and 50,314 YTD (down 16%)
• Hyundai Kona Electrical: 5,029 (down 36%) and 28,582 YTD (down 27%)
• Hyundai Ioniq 6: 2,698 (down 58%) and 13,311 YTD (down 62%)

The hydrogen gas cell mannequin, Hyundai Nexo, bought 294 models final month, down 4% yr over yr. Thus far this yr, gross sales have decreased by 50% yr over yr to 1,463.

Genesis

The electrification of the Genesis model continued to disappoint globally. The wholesale shipments in June amounted to 1,024 models, down 33% year-over-year. The model’s complete year-to-date was 5,440 models, down 53% year-over-year.