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Hyundai Motor’s global EV sales decline by 3.3% in April

These figures indicate a challenging period for Hyundai and Genesis in the electric vehicle market.

Hyundai Motor Company, encompassing the Hyundai and Genesis brands, reported a global vehicle sales figure of 345,840 in April 2024, marking a 3.3% decrease compared to the previous year. 

However, South Korean automakers are facing challenges in the EV segment, as evidenced by a sixth consecutive month of continuous decline in plug-in sales.  

In April, Hyundai and Genesis saw a 24% drop in wholesale shipments of plug-in cars, totaling 21,605 units. Specifically, all-electric vehicle wholesale volumes decreased by 27%, with Hyundai’s all-electric sales down by 24% and Genesis by 57% year-over-year.  

Despite this decline, the company surpassed 19,000 units in global all-electric car sales, slightly exceeding its wholesale figures.  

Additionally, plug-in hybrid car sales decreased 7% year over year, while hydrogen fuel cell sales have been declining for 13 consecutive months.  

Looking at the year-to-date performance, Hyundai’s plug-in electric car wholesale shipments amounted to 78,350, down by 31% compared to the previous year. This decline contrasts with the record-high figures seen a year ago.  

Regarding specific models, Hyundai’s E-GMP-based lineup, including the Ioniq 5, Ioniq 6, and Genesis GV60, saw a 26% decline in wholesale shipments in April, marking eight months of continuous year-over-year decrease.  

The top-performing all-electric models for Hyundai included the Ioniq 5 and Kona Electric. At the same time, 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 electric vehicle market, highlighting the need for strategic adjustments and innovations to regain momentum in the rapidly evolving automotive landscape.

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Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

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