Hyundai Motor Global EV Wholesale Sales Decreased Again In April 2024
It was the sixth consecutive month with a year-over-year decline.
Hyundai Motor Company's (Hyundai and Genesis brands) global vehicle sales in April 2024 amounted to 345,840, down 3.3% year-over-year. During the first four months of the year, the company sold 1,352,607 vehicles, down 0.3% compared to a year ago.
The South Korean manufacturer appears to be experiencing an EV slowdown, as its plug-in sales were down year-over-year for the sixth consecutive month.
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The first half of the year might be difficult
In 2023, Hyundai Motor's global plug-in car sales exceeded 300,000, increasing by 29% compared to 2022. So far this year, plug-in sales volume decreased by almost a third.
Last month, Hyundai and Genesis plug-in cars' combined wholesale shipments (which are closely related to production) amounted to *21,605 (down 24% year-over-year).
We estimate that the volume represents about 6.2% of the automaker's total sales volume (compared to 8.4% a year ago).
*Retail sales in South Korea and overseas sales (based on wholesales at the manufacturer level) are unaudited and preliminary.
The wholesale volume of all-electric cars decreased by 27% year over year to 17,398, including 16,458 Hyundai (down 24% year over year) and 940 Genesis (down 57% year over year).
The company reports that its global all-electric car sales exceeded 19,000, slightly exceeding wholesales.
Meanwhile, plug-in hybrid car volume amounted to 4,207 (down 7% year over year). Hydrogen fuel cell sales have been down for 13 straight months.
Wholesale plug-in car sales last month (YOY change):
- BEVs: 17,398 (down 27%) and 5% share
Hyundai BEVs: 16,458 (down 24%)
Genesis BEVs: 940 (down 57%) - PHEVs (Hyundai): 4,207 (down 7%) and 1.2% share
- Total plug-ins: 21,605 (down 24%) and 6.2% share
- FCVs (Hyundai): 255 (down 28%) and 0.1% share
Hyundai And Genesis Plug-in Car Sales – April 2024
So far this year, the plug-in electric car wholesale shipments amounted to 78,350, down 31% year-over-year. As we noted previously, the start of the year is pretty weak, but we can also note that a year ago, it was record-strong.
Wholesale plug-in car sales year-to-date (YOY change):
- BEVs: 66,133 (down 31%) and 4.9% share
Hyundai BEVs: 62,452 (down 29%)
Genesis BEVs: 3,681 (down 54%) - PHEVs (Hyundai): 12,217 (down 31%) and 0.9% share
- Total plug-ins: 78,350 (down 31%) and 5.8% share
- FCVs (Hyundai): 862 (down 64%) 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 car volume almost reached 260,000 (up 33% year-over-year), accounting for 6.2% of the total volume.
Meanwhile, Hyundai EV sales continued to increase in April in the U.S.
Hyundai brand
Model results
In April, wholesale shipments of the E-GMP-based models (Hyundai Ioniq 5, performance-oriented Hyundai Ioniq 5 N, Hyundai Ioniq 6, and Genesis GV60) decreased by 26% year over year to 12,162. This is the eighth month of year-over-year decline in a row.
The top two all-electric models in the lineup are the Ioniq 5 and Kona Electric. The Ioniq 6 was third, slightly ahead of the Ioniq 5 N, which just noted another 1,000+ units per month.
Top models (wholesale shipments) last month and YTD (YOY change):
- E-GMP BEVs: 12,162 (down 26%) and 45,096 YTD (down 32%)
- Hyundai Ioniq 5: 8,092 (down 25%) and 32,659 YTD (down 14%)
- Hyundai Kona Electric: 4,850 (down 22%) and 19,041 YTD (down 28%)
- Hyundai Ioniq 6: 2,630 (down 43%) and 6,944 YTD (down 70%)
The hydrogen fuel cell model, Hyundai Nexo, sold 255 units last month (down 28% year over year). So far this year, sales have decreased by 64% year over year to 862.
Genesis brand
Electrification of the Genesis brand continued to disappoint in April. The wholesale shipments in April amounted to 940 units (down 57% year-over-year).
All three Genesis models—Genesis Electrified G80, Genesis GV60, and Genesis Electrified GV70—were down. The top model was the Genesis GV60, with 554 units in April (down 51% year-over-year) and 1,685 year-to-date (down 64%).
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