Hyundai Motor Firm’s (Hyundai and Genesis manufacturers) international automobile gross sales in March 2024 amounted to 369,132, down 3.7% year-over-year. Additionally, Q1 is within the crimson with 1,002,608 models, down 1.9% in comparison with a yr in the past.
Sadly, the South Korean producer can also be experiencing challenges within the plug-in section, as gross sales decreased by roughly a 3rd.
The primary half of the yr could be tough
In 2023, Hyundai Motor’s international plug-in automotive gross sales exceeded 300,000, rising by 29% in comparison with 2022. This yr, Q1 is already down by a 3rd and a development in Q2 just isn’t sure.
Final month, the mixed wholesale shipments (that are carefully associated to manufacturing) of Hyundai and Genesis plug-in vehicles amounted to *21,565 (down 37% year-over-year). That is the fifth consecutive lower and a transparent signal of how tough the state of affairs is.
We estimate that the quantity represents about 5.8% of the automaker’s complete gross sales quantity (in comparison with 8.9% a yr in the past).
*Retail gross sales in South Korea plus abroad gross sales (based mostly on wholesales; on the producer degree), unaudited and on a preliminary foundation.
All-electric automotive quantity decreased by 33% year-over-year to 19,310, together with 18,266 Hyundai (down 30% year-over-year) and 1,044 Genesis (down 62% year-over-year).
In the meantime, plug-in hybrid automotive quantity amounted to 2,255 (down 59% year-over-year). The hydrogen gas cell gross sales have been down for 12 straight months.
Wholesale plug-in automotive gross sales final month (YOY change):
BEVs: 19,310 (down 33%) and 5.2% shareHyundai BEVs: 18,266 (down 30%)Genesis BEVs: 1,044 (down 62%) PHEVs (Hyundai): 2,255 (down 59%) and 0.6% share Complete plug-ins: 21,565 (down 37%) and 5.8% share FCVs (Hyundai): 269 (down 63%) and 0.1% share
In Q1, the plug-in electrical automotive wholesale shipments amounted to 56,745, down 33% year-over-year. The beginning of the yr is fairly weak, however we will additionally be aware {that a} yr in the past, it was record-strong.
Wholesale plug-in automotive gross sales year-to-date (YOY change):
BEVs: 48,735 (down 32%) and 4.9% shareHyundai BEVs: 45,994 (down 30%)Genesis BEVs: 2,741 (down 53%) PHEVs (Hyundai): 8,010 (down 40%) and 0.8% share Complete plug-ins: 56,745 (down 33%) and 5.7% share FCVs (Hyundai): 607 (down 70%) 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 US Hyundai’s all-electric automotive gross sales doubled in March.
Hyundai model
In March, 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 30% year-over-year to 13,878. It’s the seventh month of year-over-year decline in a row.
The highest two all-electric fashions within the lineup are the Ioniq 5 and Kona Electrical. The Ioniq 6 was third, barely forward of the Ioniq 5 N, which is ramping as much as over 1,000 models a month.
High fashions (wholesale shipments) final month and YTD (YOY change):
E-GMP BEVs: 13,878 (down 30%) and 32,934 YTD (down 34%) Hyundai Ioniq 5: 9,370 (down 5%) and 24,567 YTD (down 9%) Hyundai Kona Electrical: 4,698 (down 38%) and 14,191 YTD (down 30%) Hyundai Ioniq 6: 3,144 (down 63%) and 4,314 YTD (down 77%)
The hydrogen gas cell mannequin—Hyundai Nexo—famous 269 models final month (down 63% year-over-year). In Q1, gross sales decreased by 70% year-over-year to 607.
Genesis model
Electrification of the Genesis model goes within the mistaken path too. The wholesale shipments in March amounted to 1,044 models (down 62% year-over-year).
Principally, all three Genesis fashions—Genesis Electrified G80, Genesis GV60, and Genesis Electrified GV70—had been down.