Hyundai And Genesis Global Sales Drop In April 2024, What's The Fate Of The Electric Vehicle?

Genesis GV60. (Doc. Genesis)

Hyundai Motor Company, which houses the Hyundai and Genesis brands, reported a decline in global vehicle sales in April 2024. Total sales fell 3.3 percent to 345,840 units compared to the same month the previous year. During the first four months of this year, Hyundai sold 1,352,607 units, a narrow decline of 0.3 percent from the same period last year.

However, what about the sale of their electric vehicles?

According to a report from InsideEVs, Thursday, May 16, sales of electric vehicles (EVs) from Hyundai and Genesis experienced a significant decline. In April, EV sales fell 27 percent to 17,398 units. In detail, the Hyundai brand sold 17,398 units, down 27 percent from last year, while Genesis sold 940 units, down 57 percent drastically.

During the first four months of this year, sales of Battery Electric Vehicle (BEV) reached 66,133 units, a 31 percent decline. Hyundai accounts for 62,452 units of the total, down 29 percent, and Genesis only 3,681 units, a sharp decline of 54 percent.

Despite the decline, Hyundai Ioniq 5 remained the best-selling model with sales of 8,092 units in April (down 25 percent) and a total of 32,659 units during the first four months (down 14 percent). Kona Electric followed with sales of 4,850 units in April (down 22 percent) and 19,041 units during the first four months (down 28 percent). Ioniq 6 completed the top three with 2,630 units sold in April (down 43 percent) and 6,944 units in the January to April period (down 70 percent).

For the Genesis brand, the GV60 model became the best-selling with 554 sales in April (down 51 percent) and a total of 1,685 units during the first four months of 2024 (down 64 percent).

Although Hyundai and Genesis face challenges in sales of electric vehicles, efforts continue to be made to increase competitiveness in the global market.