Hyundai Motor Global EV Wholesale Sales Face Significant Decline in February 2024
Overview of Hyundai Motor’s Global Vehicle Sales in February 2024
In February 2024, Hyundai Motor Company, encompassing Hyundai and Genesis brands, experienced a 4.1% decrease in global vehicle sales, totaling 314,909 units. Year-to-date sales stood at 632,765, marking a 0.9% drop compared to the previous year. Notably, the company faced a substantial decline in plug-in electric car sales, plummeting by almost 46% year-over-year.
Impact on EV Sales
Hyundai’s plug-in electric car wholesale shipments saw a significant downfall, hitting 16,482 units last month, down by a staggering 46% compared to the same period the previous year. The decline in all-electric car volume was particularly notable, with a 45% decrease to 13,880 units.
Brand-wise Performance
- Hyundai Brand: The E-GMP-based models suffered a 50% decline in wholesale shipments, totaling 8,839 units. Key models like the Ioniq 5 and Kona Electric also witnessed a notable decrease in sales volume.
- Genesis Brand: Genesis brand’s electrification efforts faced a setback as wholesale shipments dropped by 42% year-over-year to 1,021 units.
Challenges in Electrification for Hyundai Motor
The year-to-date data showed an overall 31% decrease in plug-in electric car wholesale shipments, reflecting the challenges Hyundai Motor is encountering in its electrification journey. Notably, the hydrogen fuel cell sales of the Nexo model observed a 64% decrease, adding to the overall struggle in EV sales.
Conclusion
Hyundai Motor’s global EV wholesale sales in February 2024 signal a challenging period for the automaker in terms of electrification efforts. With significant declines in plug-in electric car sales across both Hyundai and Genesis brands, the company faces the pivotal task of navigating through the current obstacles to regain momentum in the EV market.
FAQ
Why did Hyundai’s plug-in electric car sales decline in February 2024?
Hyundai witnessed a substantial drop in plug-in electric car sales in February 2024, mainly due to a 46% year-over-year decrease in wholesale shipments. This decline was particularly prominent in the all-electric car segment.
Which Hyundai models were most affected by the decline in sales?
Key Hyundai models like the Ioniq 5, Kona Electric, and Ioniq 6 experienced significant decreases in sales volume in February 2024, showcasing the impact of the overall sales decline on specific models.
What are the challenges faced by Hyundai Motor in its electrification journey?
Hyundai Motor is currently grappling with a 31% year-over-year decrease in plug-in electric car wholesale shipments in 2024, indicating challenges in its electrification strategy. The decline in hydrogen fuel cell sales further adds to the hurdles faced by the automaker.
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