Hyundai Motor Company reported a more than 6% year-over-year decline in global vehicle sales for June, encompassing both Hyundai and Genesis brands. The month closed with 351,516 sales, leading to a 0.9% decrease in first-half sales compared to the same period last year. Despite strong U.S. sales, Hyundai’s global electric vehicle (EV) sales have dropped significantly, reflecting the brand’s ongoing challenges.
South Korean automakers have faced substantial declines in all-electric and plug-in hybrid car sales. June marked the eighth consecutive month of year-over-year decline in this segment, even as the global EV market continues to grow. Factors such as high interest rates and intense competition from Chinese brands have impacted Hyundai’s performance in several markets.
Last month, Hyundai and Genesis combined wholesale shipments of plug-in cars, which closely relate to production levels, totaled 21,028 units, down 34% year-over-year. This figure includes retail and overseas sales in South Korea based on manufacturer-level wholesales. The volume represents about 6.0% of Hyundai’s total sales, down from 8.5% a year ago.
All-electric vehicle shipments fell by 34% to 17,217 units, with Hyundai contributing 16,193 units (down 34%) and Genesis 1,024 units (down 33%). Globally, Hyundai’s all-electric car sales exceeded 18,000 units, slightly higher than wholesale figures.
Plug-in hybrid vehicle volume also decreased by 34%, totaling 3,811 units. Hydrogen fuel cell vehicle sales have declined for 15 consecutive months, with no exports reported in the past two months.
The year-to-date figures reveal a similar trend. Hyundai’s plug-in electric car wholesale shipments reached 122,120 units, down 30% year-over-year. This includes 102,182 all-electric vehicles (down 30%), with Hyundai and Genesis contributing 96,742 (down 28%) and 5,440 units (down 53%), respectively. Plug-in hybrid shipments stood at 19,938 units (down 30%).
Interestingly, Hyundai saw a 52% year-over-year increase in all-electric car sales in the U.S. during the first half of 2024. However, global shipments of the E-GMP-based models, including the Hyundai Ioniq 5, Ioniq 6, and Genesis GV60, decreased by 30% year-over-year to 11,572 units, marking the tenth consecutive month of decline.
All major all-electric Hyundai models experienced a downturn in the year’s first half. The Ioniq 6 faced the steepest drop, with a 62% year-over-year decline.
Looking ahead, Hyundai plans to launch the Hyundai Inster (known as the Casper EV in South Korea), a new affordable electric model unveiled at the 2024 Busan International Mobility Show. Production of this A-segment sub-compact EV has already begun to improve the company’s EV sales performance.
