Hyundai Motor Company’s (Hyundai and Genesis brands) global vehicle sales in January 2024 amounted to 315,555, up 1.8% year-over-year.

However, when it comes to plug-in electric cars, the year started with a slight year-over-year decline—the third one in a row. This indicates challenges.

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Hyundai EV sales hit new record in 2023

In 2023, Hyundai Motor’s global plug-in car sales exceeded 300,000, which is almost a third more than in 2022. This includes over 260,000 all-electric Hyundai and Genesis cars.

Last month, the combined wholesale shipments (which are closely related to production) of Hyundai and Genesis plug-in cars amounted to *18,658 (down 10% year-over-year). We estimate that it is around 5.9% of the automaker’s total sales volume (compared to 6.7% a year ago).

*Retail sales in South Korea plus overseas sales (based on wholesales; at the manufacturer level), unaudited and on a preliminary basis.

All-electric car volume decreased by 14% year-over-year to 15,545, including 14,869 Hyundai (down 12% year-over-year) and 676 Genesis (down 47% year-over-year).

Meanwhile, plug-in hybrid car volume amounted to 3,113 (up 19% year-over-year). In other words, PHEVs rebounded slightly, but remain below record levels.

By the way, it’s worth noting that hydrogen fuel cell cars came to a full stop with just six units sold in January. Previously, the company was selling a few hundred units a month. Is it a sign of the end of the Nexo—Hyundai’s sole hydrogen car?

Wholesale plug-in car sales last month (YOY change):

• BEVs: 15,545 (down 14%) and 4.9% share
  Hyundai BEVs: 14,869 (down 12%)
  Genesis BEVs: 676 (down 47%)
• PHEVs (Hyundai): 3,113 (up 19%) and 1% share
• Total plug-ins: 18,658 (down 10%) and 5.9% share
• FCVs (Hyundai): 6 (down 99%) and 0% share

For reference, in 2023, plug-in electric car wholesale shipments exceeded 309,000 (up 29% year-over-year), which was about 7.4% of the total volume. All-electric car sales almost reached 260,000 (up 33% year-over-year), accounting for 6.2% of the total volume.

Wholesale plug-in car sales in 2023 (YOY change):

• BEVs: 259,442 (up 33%) and 6.2% share
  Hyundai BEVs: 240,683 (up 37%)
  Genesis BEVs: 18,759 (down 0.5%)
• PHEVs (Hyundai): 50,393 (up 11%) and 1.2% share
• Total plug-ins: 309,835 (up 29%) and 7.4% share
• FCVs (Hyundai): 4,552 (down 57%) and 0.1% share

It’s difficult to say, but for now, it seems that achieving healthy growth will be challenging in 2024.

But there are positives too. In the United States, Hyundai’s all-electric car sales increased.

Hyundai brand

In January, wholesale shipments of the E-GMP-based models (Hyundai Ioniq 5, performance-oriented Hyundai Ioniq 5 N, Hyundai Ioniq 6, and Genesis GV60) decreased by 16% year-over-year to 10,217. It’s the lowest level since August 2022.

The top two all-electric models in the lineup are the Ioniq 5 and Kona Electric.  The Ioniq 6 volume decreased significantly to less than 500 units in January (potentially just temporarily), which allowed the Hyundai Ioniq 5 N to capture third position.

Top models (wholesale shipments) last month (YOY change):

• E-GMP BEVs: 10,217 (down 16%)
• Hyundai Ioniq 5: 8,492 (up 16%)
• Hyundai Kona Electric: 4,905 (down 14%)
• Hyundai Ioniq 5 N: 985 (new)
• Hyundai Ioniq 6: 487 (down 87%)

The hydrogen fuel cell model—Hyundai Nexo—noted just six units last month (down 98.5% year-over-year).

Genesis brand

The electrification of the Genesis brand has been moving backward in recent months. January was the fifth consecutive month of year-over-year decline.

Its wholesale shipments amounted to 676 units, a new lowest level since February 222, down 47% year-over-year.