Hyundai bought 268,785 EVs final 12 months as demand for the IONIQ 5 and IONIQ 6 picked up. The South Korean automaker plans to strengthen its management within the EV market, with new fashions gaining momentum.
Hyundai bought 268,785 EVs in 2023
Over the past three months of 2023, Hyundai bought over 57,975 electrical automobiles globally. With this, Hyundai’s world EV gross sales reached 268,785 in 2023.
Hyundai attributed the expansion to greater gross sales of its devoted IONIQ EVs. Based mostly on Hyundai’s E-GMP platform, designed particularly for EVs, the IONIQ 5 and IONIQ 6 are gaining floor regardless of rising competitors.
The corporate noticed strong gross sales development throughout key markets, together with North America, Europe, and India.
Regardless of greater demand for its EVs, Hyundai is warning of “uncertainty within the enterprise setting.” Hyundai cited exterior elements equivalent to rates of interest for the downbeat outlook.
The automaker mentioned threat elements equivalent to elevated change charge volatility and better prices resulting from rising competitors may result in uncertainty.
In the meantime, Hyundai mentioned it expects the worldwide auto market to proceed rising sooner or later because the shift to electrical heats up. Hyundai is increasing its EV model because it seems to extend consciousness round its IONIQ sequence.
Carrying the EV momentum into 2024
The automaker expects EV gross sales to proceed rising in 2024. Hyundai expects to promote round 300,000 electrical automobiles in 2024, or about 12% development from final 12 months.
Hyundai mentioned its funding plans for 2024 embrace rising the variety of mass-produced fashions and constructing its new EV plant in Georgia whereas persevering with to develop future tech.
The corporate mentioned 99.9% of the inspiration work was accomplished on its huge $5.5 billion EV and battery plant in late October.
Hyundai accelerated building to benefit from authorities incentives just like the $7,500 tax credit score. Regardless of its automobiles not qualifying for the tax credit score (solely by leasing), Hyundai Motor (together with sister firm Kia) surged previous Ford and GM for second in US electrical car gross sales in 2023 behind Tesla.
To make up for the tax credit score, Hyundai launched vital incentives on the IONIQ 5 and 6 fashions.
For instance, Hyundai is providing a $7,500 buy incentive on the 2024 IONIQ 6. That undercuts the brand new Tesla Mannequin 3 by $9,300.
Hyundai additionally launched the redesigned Kona Electrical this 12 months. Beginning at $33,000, the 2024 Kona EV is likely one of the most reasonably priced electrical automobiles in the marketplace. It’s additionally larger and extra trendy than the earlier era, with quicker charging and extra vary.
Electrek’s Take
Though Hyundai is acknowledging the market is slowing, it nonetheless expects EV gross sales to proceed rising. Hyundai continues doubling down on electrical automobiles with new expertise and distinctive fashions constructed from the bottom up.
Regardless of different automakers like Ford and GM pulling again EV investments, Hyundai has accelerated building at its GA facility.
The automaker sees a chance out there and appears to take benefit. Hyundai goals to be a prime three EV maker by 2030 with 18 new fashions and two million in gross sales.
Should you’ve been eyeing Hyundai’s electrical automobiles, now could also be a good time to buy. Hyundai’s EVs are at a number of the lowest costs since launching. You should use our hyperlinks beneath to seek out nice offers on Hyundai’s EV fashions at a seller close to you.
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