Hyundai Motor is halting the manufacturing of the Genesis GV60, a midsize electrical sports activities utility car (SUV), for roughly two months from December till January 2024. This pause in manufacturing is attributed to a decline in demand for electrical automobiles and the depletion of year-end electrical car subsidies, main the corporate to handle manufacturing ranges extra rigorously.
In response to trade sources on the 4th, Hyundai’s Ulsan plant suspended the manufacturing of the GV60 electrical mannequin earlier this month, and this hiatus is predicted to proceed till early subsequent yr.
Because of the manufacturing pause, customers seeking to buy the GV60 electrical mannequin right now will face a ready interval of roughly two and a half months.
Hyundai’s determination to halt GV60 manufacturing appears to be influenced by the latest slowdown within the progress of electrical automobile gross sales. The GV60 marks Genesis’ inaugural devoted electrical car mannequin. Among the many three Genesis electrical fashions (GV60, GV70, G80), the GV60 was initially the best-selling mannequin.
In response to the Korea Car Producers Affiliation (KAMA), the cumulative gross sales of GV60 electrical fashions from January to October this yr amounted to 3052 models, surpassing each the GV70 electrical automobile (2037 models) and GV80 electrical automobile (933 models) by a substantial margin.
One other issue contributing to the manufacturing halt is the sharp lower in demand as year-end authorities subsidies for electrical automobiles are exhausted.
KAMA reported a 44% drop in home gross sales of electrical passenger automobiles in December final yr in comparison with the earlier month. In December 2021 alone, gross sales of electrical passenger automobiles decreased by 28% in comparison with the earlier month.
An official from Hyundai talked about, “If there have been substantial abroad gross sales, we might proceed manufacturing whatever the depletion of home subsidies. Nonetheless, in these circumstances, suspending manufacturing briefly is extra environment friendly than persevering with manufacturing.”