Hyundai Motor Global Electric Vehicle Wholesale Sales Dropped Once Again In April 2024

The total global vehicle sales for Hyundai Motor Company (including Hyundai and Genesis brands) in April 2024 stood at 345,840, showing a 3.3% decline compared to the previous year. Over the initial four months of this year, the company managed to sell 1,352,607 vehicles, reflecting a 0.3% decrease from the same period last year.

It seems that the South Korean automaker is facing a sluggish trend in Electric Vehicles (EVs) as its plug-in sales have been continuously dropping for the sixth straight month.

The first six months ahead might pose challenges

In 2023, Hyundai Motor witnessed a surge in global plug-in car sales, surpassing 300,000 units, marking a 29% rise from 2022. However, the scenario is different this year, with plug-in sales plummeting by nearly one-third.

During the last month, the combined wholesale shipment of Hyundai and Genesis plug-in cars amounted to *21,605 (a reduction of 24% year-over-year).

It is estimated that this volume constitutes about 6.2% of the automaker’s overall sales (versus 8.4% in the preceding year).

*The figures regarding retail sales in South Korea and overseas (based on manufacturer-level wholesale) are provisional and not yet audited.

The wholesale quantities of all-electric cars saw a 27% decrease year over year, with 17,398 units, comprising 16,458 Hyundais (down 24% year over year) and 940 Genesis vehicles (a 57% reduction compared to the previous year).

As per the company’s report, the global sales of all-electric cars surpassed 19,000 units, slightly surpassing wholesales.

On the other hand, the volume of plug-in hybrid cars totaled 4,207 units (a 7% decline year over year), while sales of hydrogen fuel cell vehicles have experienced a downward trend for 13 consecutive months.

Wholesale sales of plug-in cars last month (year-over-year change):

• Battery Electric Vehicles (BEVs): 17,398 (down 27%) with a 5% market share
  Hyundai BEVs: 16,458 (decreased by 24%)
  Genesis BEVs: 940 (dropped by 57%)
• Plug-in Hybrid EVs (Hyundai): 4,207 (declined by 7%) with a 1.2% market share
• Total plug-ins: 21,605 (a 24% decline) making up a 6.2% market share
• Fuel Cell EVs (Hyundai): 255 (a decrease of 28%) with a 0.1% market share

Throughout this year, the wholesale shipments of plug-in electric cars reached 78,350, marking a 31% decrease from the previous year. It was previously mentioned that the year started off weak, but it’s worth noting that the same period last year displayed exceptionally strong figures.

Year-to-date wholesale sales of plug-in electric cars (year-over-year change):

• BEVs: 66,133 (down 31%) with a 4.9% market share
  Hyundai BEVs: 62,452 (decreased by 29%)
  Genesis BEVs: 3,681 (fell by 54%)
• PHEVs (Hyundai): 12,217 (shrunk by 31%) with a 0.9% market share
• Total plug-ins: 78,350 (a 31% drop) constituting a 5.8% market share
• FCVs (Hyundai): 862 (plummeted by 64%) with a 0.1% market share

For comparison, in 2023, wholesale shipments of plug-in electric cars surpassed 309,000 units (an increase of 29% year-over-year), representing about 7.4% of the total volume. All-electric car sales came close to 260,000 units (a 33% rise year-over-year), making up 6.2% of the total sales volume.

On the other hand, Hyundai observed a rise in EV sales in April in the U.S.

Hyundai brand

In April, the wholesale shipments of E-GMP-based models (including Hyundai Ioniq 5, performance-oriented Hyundai Ioniq 5 N, Hyundai Ioniq 6, and Genesis GV60) witnessed a 26% year-over-year decline to 12,162 units. This marks the eighth consecutive month of year-over-year decrease.

The top two all-electric models in the lineup are the Hyundai Ioniq 5 and Kona Electric. The Ioniq 6 secured the third spot, slightly edging out the Ioniq 5 N, which again achieved a monthly volume of over 1,000 units.

Key models (wholesale shipments) last month and year-to-date (year-over-year change):

• E-GMP BEVs: 12,162 (fell down by 26%) with a YTD total of 45,096 (a 32% drop)
• Hyundai Ioniq 5: 8,092 (down by 25%) registering 32,659 YTD (a 14% decrease)
• Hyundai Kona Electric: 4,850 (a 22% decline) with 19,041 YTD (a 28% reduction)
• Hyundai Ioniq 6: 2,630 (a 43% drop) recording 6,944 YTD (a 70% decrease)

The hydrogen fuel cell model, Hyundai Nexo, saw sales of 255 units in the last month (down by 28% year over year). Year-to-date, sales have shrunk by 64%, reaching 862 units.

Genesis brand

In April, electrification efforts of the Genesis brand continued to disappoint, with wholesale shipments amounting to 940 units (a 57% decrease year-over-year).

All three Genesis models—Genesis Electrified G80, Genesis GV60, and Genesis Electrified GV70—saw a decline in sales. The top performer was the Genesis GV60, with 554 units sold in April (down by 51% year-over-year) and 1,685 units sold year-to-date (a 64% decrease).