Hyundai Motor World EV Wholesale Gross sales Hit The Brakes In February 2024

Hyundai Motor Firm’s (Hyundai and Genesis manufacturers) world car gross sales in February 2024 amounted to 314,909, down 4.1% year-over-year. This affected the year-to-date end result, which at 632,765 is 0.9% decrease than a 12 months in the past.

The slight lower in world gross sales quantity is nothing in comparison with the numerous drop within the firm’s plug-in electrical automotive gross sales in February, which had been down by nearly 46% year-over-year.

Final month, the mixed wholesale shipments (that are intently associated to manufacturing) of Hyundai and Genesis plug-in automobiles amounted to *16,482 (down 46% year-over-year). That is the fourth consecutive lower, however this time, the drop is essentially the most vital we ever recorded.

The quantity itself additionally was the bottom since March 2022. We estimate that it’s round 5.2% of the automaker’s whole gross sales quantity (in comparison with 9.4% a 12 months in the past).

*Retail gross sales in South Korea plus abroad gross sales (primarily based on wholesales; on the producer stage), unaudited and on a preliminary foundation.

All-electric automotive quantity decreased by 45% year-over-year to 13,880, together with 12,859 Hyundai (down 45% year-over-year) and 1,021 Genesis (down 42% year-over-year).

In the meantime, plug-in hybrid automotive quantity amounted to 2,602 (up 50% year-over-year). The hydrogen gasoline cell gross sales (Nexo mannequin) accomplished the weak month with a 64% lower to 332 models.

Wholesale plug-in automotive gross sales final month (YOY change):

• BEVs: 13,880 (down 45%) and 4.4% share
  Hyundai BEVs: 12,859 (down 45%)
  Genesis BEVs: 1,021 (down 42%)
• PHEVs (Hyundai): 2,602 (down 50%) and 0.8% share
• Complete plug-ins: 16,482 (down 46%) and 5.2% share
• FCVs (Hyundai): 332 (down 64%) and 0.1% share

To date this 12 months, the plug-in electrical automotive wholesale shipments exceeded 35,000, down 31% year-over-year. The beginning of the 12 months signifies that Hyundai Motor has skilled some challenges in regard to electrification.

Wholesale plug-in automotive gross sales year-to-date (YOY change):

• BEVs: 29,425 (down 32%) and 4.7% share
  Hyundai BEVs: 27,728 (down 31%)
  Genesis BEVs: 1,697 (down 44%)
• PHEVs (Hyundai): 5,715 (down 27%) and 0.9% share
• Complete plug-ins: 35,140 (down 31%) and 5.6% share
• FCVs (Hyundai): 338 (down 75%) and 0.1% share

For reference, in 2023, plug-in electrical automotive wholesale shipments exceeded 309,000 (up 29% year-over-year), which was about 7.4% of the overall quantity. All-electric automotive gross sales nearly reached 260,000 (up 33% year-over-year), accounting for six.2% of the overall quantity.

Apparently, in the USA Hyundai’s all-electric automotive gross sales are rising quick.

Hyundai model

In February, wholesale shipments of the E-GMP-based fashions (Hyundai Ioniq 5, performance-oriented Hyundai Ioniq 5 N, Hyundai Ioniq 6, and Genesis GV60) decreased by 50% year-over-year to eight,839. It is the lowest stage since August 2022.

The highest two all-electric fashions within the lineup are the Ioniq 5 and Kona Electrical.  The Ioniq 6 quantity decreased by a shocking 90% year-over-year to 683 models.

Prime fashions (wholesale shipments) final month and YTD (YOY change):

• E-GMP BEVs: 8,839 (down 50%) and 19,056 YTD (down 36%)
• Hyundai Ioniq 5: 6,705 (down 33%) and 15,197 YTD (down 12%)
• Hyundai Kona Electrical: 4,588 (down 33%) and 9,493 YTD (down 24%)
• Hyundai Ioniq 5 N: 883 (new) and 1,868 YTD (new)
• Hyundai Ioniq 6: 683 (down 90%) and 1,170 YTD (down 89%)

The hydrogen gasoline cell mannequin—Hyundai Nexo—famous 332 models final month (down 64% year-over-year).

Genesis model

Electrification of the Genesis model has been going within the flawed course just lately, because the wholesale shipments amounted to 1,021 models (down 42% year-over-year).

Principally, all three Genesis fashions—Genesis Electrified G80, Genesis GV60, and Genesis Electrified GV70—are down.