Summary
– Hyundai Motor Company reported a 3.3% decrease in global vehicle sales in April 2024
– South Korean automakers are facing challenges in the EV segment, with a sixth consecutive month of decline in plug-in car sales
– Hyundai and Genesis saw a 24% drop in wholesale shipments of plug-in cars in April
– Hyundai surpassed 19,000 units in global all-electric car sales, slightly exceeding wholesale figures
– Hyundai’s plug-in electric car wholesale shipments in 2024 were down by 31% compared to the previous year
Article
In April 2024, Hyundai Motor Company experienced a 3.3% decrease in global vehicle sales compared to the previous year. The South Korean automaker faced challenges in the electric vehicle (EV) segment, with a sixth consecutive month of decline in plug-in sales. Hyundai and Genesis saw a 24% drop in wholesale shipments of plug-in cars, with all-electric vehicle sales down by 27% year-over-year. Despite this, the company surpassed 19,000 units in global all-electric car sales, slightly exceeding its wholesale figures.
Plug-in hybrid car sales also decreased by 7% year over year, while hydrogen fuel cell sales have been declining for 13 consecutive months. Year-to-date, Hyundai’s plug-in electric car wholesale shipments amounted to 78,350, a 31% decrease compared to the previous year. This decline contrasts with the record-high figures seen a year ago. The company’s E-GMP-based lineup, including the Ioniq 5, Ioniq 6, and Genesis GV60, saw a 26% decline in wholesale shipments in April, with eight months of continuous year-over-year decrease.
Hyundai’s top-performing all-electric models included the Ioniq 5 and Kona Electric, while Genesis struggled to maintain sales momentum across its electrified models, with a 57% decrease in wholesale shipments for the Genesis brand’s plug-in cars. These figures indicate a challenging period for Hyundai and Genesis in the EV market, highlighting the need for strategic adjustments and innovations to regain momentum in the rapidly evolving automotive landscape. It will be crucial for the automaker to address these challenges to stay competitive in the increasingly electrified market.
The company’s global vehicle sales figure for April 2024 was 345,840, representing a decrease from the previous year. The continued decline in plug-in sales for Hyundai and Genesis underscores the growing competition and changing consumer preferences in the EV segment. Despite the challenges, Hyundai surpassed 19,000 units in global all-electric car sales, indicating some level of resilience in the face of declining wholesale figures.
Moving forward, Hyundai and Genesis will need to focus on developing and launching new EV models, improving their existing offerings, and adapting to the evolving market landscape. By addressing the challenges in the electric vehicle market and implementing strategic adjustments, the automaker can position itself for success and regain momentum in the competitive global automotive industry. This period of transition presents an opportunity for Hyundai to innovate and differentiate itself in the EV market, ensuring its future viability and relevance in the rapidly changing automotive landscape.
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