Hyundai Motor Global EV Wholesale Sales Continued To Decrease In March 2024
It was the fifth consecutive month with a year-over-year decline.
Apr 14, 2024 at 4:00pm ET
Hyundai Motor Company’s (Hyundai and Genesis brands) global vehicle sales in March 2024 amounted to 369,132, down 3.7% year-over-year. Also, Q1 is in the red with 1,002,608 units, down 1.9% compared to a year ago.
Unfortunately, the South Korean manufacturer is also experiencing challenges in the plug-in segment, as sales decreased by roughly a third.
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. This year, Q1 is already down by a third and a growth in Q2 is not certain.
Last month, the combined wholesale shipments (which are closely related to production) of Hyundai and Genesis plug-in cars amounted to *21,565 (down 37% year-over-year). That’s the fifth consecutive decrease and a clear sign of how difficult the situation is.
We estimate that the volume represents about 5.8% of the automaker’s total sales volume (compared to 8.9% a year ago).
*Retail sales in South Korea plus overseas sales (based on wholesales; at the manufacturer level), unaudited and on a preliminary basis.
All-electric car volume decreased by 33% year-over-year to 19,310, including 18,266 Hyundai (down 30% year-over-year) and 1,044 Genesis (down 62% year-over-year).
Meanwhile, plug-in hybrid car volume amounted to 2,255 (down 59% year-over-year). The hydrogen fuel cell sales have been down for 12 straight months.
Wholesale plug-in car sales last month (YOY change):
- BEVs: 19,310 (down 33%) and 5.2% share
Hyundai BEVs: 18,266 (down 30%)
Genesis BEVs: 1,044 (down 62%) - PHEVs (Hyundai): 2,255 (down 59%) and 0.6% share
- Total plug-ins: 21,565 (down 37%) and 5.8% share
- FCVs (Hyundai): 269 (down 63%) and 0.1% share
In Q1, the plug-in electric car wholesale shipments amounted to 56,745, down 33% year-over-year. 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: 48,735 (down 32%) and 4.9% share
Hyundai BEVs: 45,994 (down 30%)
Genesis BEVs: 2,741 (down 53%) - PHEVs (Hyundai): 8,010 (down 40%) and 0.8% share
- Total plug-ins: 56,745 (down 33%) and 5.7% share
- FCVs (Hyundai): 607 (down 70%) 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 sales almost reached 260,000 (up 33% year-over-year), accounting for 6.2% of the total volume.
Interestingly, in the United States Hyundai’s all-electric car sales doubled in March.
Hyundai brand
In March, 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 30% year-over-year to 13,878. It is the seventh 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 is ramping up to over 1,000 units a month.
Top models (wholesale shipments) last month and YTD (YOY change):
- E-GMP BEVs: 13,878 (down 30%) and 32,934 YTD (down 34%)
- Hyundai Ioniq 5: 9,370 (down 5%) and 24,567 YTD (down 9%)
- Hyundai Kona Electric: 4,698 (down 38%) and 14,191 YTD (down 30%)
- Hyundai Ioniq 6: 3,144 (down 63%) and 4,314 YTD (down 77%)
The hydrogen fuel cell model—Hyundai Nexo—noted 269 units last month (down 63% year-over-year). In Q1, sales decreased by 70% year-over-year to 607.
Genesis brand
Electrification of the Genesis brand is going in the wrong direction too. The wholesale shipments in March amounted to 1,044 units (down 62% year-over-year).
Basically, all three Genesis models—Genesis Electrified G80, Genesis GV60, and Genesis Electrified GV70—were down.
