Decline in Global Sales
Hyundai Motor Company, encompassing both Hyundai and Genesis brands, reported a year-over-year decrease in global vehicle sales for April 2024, totaling 345,840 units, which marks a 3.3% drop. For the first four months of the year, the company saw a slight decrease of 0.3%, with 1,352,607 vehicles sold. This decline reflects a broader trend, as the company’s electric vehicle (EV) sales have also been falling for the sixth consecutive month.
Impact on EV Segment
In 2023, Hyundai’s global plug-in car sales surpassed 300,000 units, showcasing a 29% increase compared to the previous year. However, the trend reversed in 2024, with a notable decline of nearly one-third in plug-in sales volume. In April alone, Hyundai and Genesis sold 21,605 plug-in cars, a 24% decrease year-over-year, with all-electric car sales down by 27% to 17,398 units.
Market Analysis and Future Outlook
Despite the overall downturn, Hyundai’s EV sales in the U.S. have shown resilience, with models like the Ioniq 5 and Kona Electric continuing to perform well. Globally, the company’s plug-in hybrid car sales also experienced a 7% decline. Looking ahead, Hyundai remains committed to expanding its EV lineup and addressing the challenges in the market, aiming to recover and grow its share in the competitive EV sector. The start of the year has been challenging, but the company is focusing on strategic initiatives to bolster its position.