Hyundai Motors Global EV Wholesale Sales Decline Continued In May 2024
Hyundai Motor Company’s (Hyundai and Genesis brands) global vehicle sales in May 2024 amounted to 356,223, up 1.9% year-over-year. During the first five months of the year, the company sold 1,709,463 vehicles, up 0.2% compared to a year ago.
Unfortunately for the South Korean manufacturer, its EV sales slowdown was prolonged as May was the seventh consecutive month of year-over-year decline.
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 *22,740, down 20% year-over-year.
We estimate that the volume represents about 6.4% of the automaker’s total sales volume compared to 8.1% a year ago.
*Retail sales in South Korea and overseas sales are based on wholesales at the manufacturer level and are unaudited and preliminary.
The wholesale volume of all-electric cars decreased by 20% to 18,830, including 18,097 Hyundai, down 16% year over year, and 733 Genesis, down 62% year over year.
The company reports that its global all-electric car sales exceeded 17,000, so it was slightly lower than the wholesales.
Meanwhile, plug-in hybrid car volume amounted to 3,910, down 20% year over year. Hydrogen fuel cell sales have been down for 14 straight months.
Wholesale plug-in car sales last month (YOY change):
- BEVs: 18,830 (down 20%) and 5.3% share
Hyundai BEVs: 18,097 (down 16%)
Genesis BEVs: 733 (down 62%) - PHEVs (Hyundai): 3,910 (down 20%) and 1.1% share
- Total plug-ins: 22,740 (down 20%) and 6.4% share
- FCVs (Hyundai): 316 (down 26%) and 0.1% share
So far this year, the plug-in electric car wholesale shipments amounted to 100,761, down 29% year-over-year.
Wholesale plug-in car sales year-to-date (YOY change):
- BEVs: 84,634 (down 29%) and 5% share
Hyundai BEVs: 80,549 (down 26%)
Genesis BEVs: 4,085 (down 59%) - PHEVs (Hyundai): 16,127 (down 29%) and 0.9% share
- Total plug-ins: 100,761 (down 29%) and 5.9% share
- FCVs (Hyundai): 1,178 (down 58%) 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.
Things look different in the U.S., where Hyundai sells more all-electric cars than it did a year ago.
Hyundai brand
In May, wholesale shipments of the E-GMP-based models, including the Hyundai Ioniq 5, performance-oriented Hyundai Ioniq 5 N, Hyundai Ioniq 6 and Genesis GV60, decreased by 22% year over year to 13,980. This is the ninth month of year-over-year decline in a row.
The top three all-electric models in the lineup are the Ioniq 5, Kona Electric and the Ioniq 6.
An interesting thing is that, for the very first time, we noticed the all-new Hyundai Casper EV (also known as Inster) in the stats. Three units were exported from South Korea in May—potentially for demonstration or test purposes.
Here are the top models ranked by wholesale shipments last month and YTD (YOY change):
- E-GMP BEVs: 13,980 (down 22%) and 58,941 YTD (down 30%)
- Hyundai Ioniq 5: 9,586 (down 19%) and 42,245 YTD (down 15%)
- Hyundai Kona Electric: 4,512 (down 7%) and 23,553 YTD (down 25%)
- Hyundai Ioniq 6: 3,669 (down 24%) and 10,613 YTD (down 62%)
The hydrogen fuel cell model, Hyundai Nexo, sold 316 units last month, down 26% year over year. So far this year, sales have decreased by 58% year over year to 1,178.
Genesis brand
The electrification of the Genesis brand continued to disappoint. The wholesale shipments in May amounted to 733 units, down 62% year-over-year. The brand’s total year-to-date is just over 4,000 units, down 59% year-over-year.
