Hyundai is briefly halting manufacturing at its Ulsan plant in South Korea, the place the IONIQ 5 and Kona Electrical are manufactured. This shutdown, set to happen from Could 27 to Could 30, is the third pause this 12 months as the corporate grapples with reducing export numbers.
Reviews from Could 20 indicated that regardless of launching a brand new low cost initiative in Korea providing over $4,300 (6 million received) off the IONIQ 5, gross sales haven’t improved. Exports of the IONIQ 5 have plummeted, with solely 9,663 models shipped overseas by April, a big drop from 27,476 throughout the identical interval final 12 months. Equally, Kona EV exports fell 42%, with solely 3,428 models exported this 12 months in comparison with shut to six,000 final 12 months.
Inner communications from Hyundai highlighted the challenges, noting that international electrical car market gross sales haven’t rebounded as hoped. This manufacturing halt follows earlier pauses in February and April.
In distinction, Hyundai’s three way partnership in China, Beijing Hyundai, reported an enchancment in its losses throughout Q1. With plans to launch a brand new electrical SUV tailor-made for the Chinese language market this 12 months, the enterprise goals for profitability by 2025.
Whereas dealing with challenges in Korea, Hyundai has achieved document gross sales within the US, with the IONIQ 5 sustaining its standing as a prime vendor, transferring over 12,000 models by April—a rise of 14% from the earlier 12 months. Conversely, IONIQ 6 gross sales have dipped 10%, totaling 4,424 autos bought in the identical timeframe, and the corporate has not detailed Kona EV figures.
To stimulate gross sales, Hyundai can be rolling out vital reductions within the US, with financial savings of as much as $12,500 on the three-row IONIQ 9 and leases for the 2025 IONIQ 5 beginning as little as $209 month-to-month.
If you happen to’re curious about exploring Hyundai’s electrical autos, hyperlinks can be found beneath that can assist you find well-liked fashions in your space.
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