Hyundai sold 268,785 EVs last year, as demand for the IONIQ 5 and IONIQ 6 increased. The South Korean manufacturer intends to improve its position in the EV industry, with new models gaining traction.
Hyundai sold 268,785 EVs in 2023
Hyundai reported that it sold over 57,975 electric vehicles globally in the last quarter of 2023, contributing to a total of 268,785 electric vehicles sold throughout the year. The growth in sales is attributed to increased demand for Hyundai's dedicated IONIQ electric vehicles (EVs), namely the IONIQ 5 and IONIQ 6, both based on the E-GMP platform designed specifically for EVs.
Hyundai experienced solid sales growth in key markets, including North America, Europe, and India. However, the company issued a warning about uncertainty in the business environment, citing external factors such as interest rates. Risks such as increased exchange rate volatility and higher costs due to rising competition were mentioned as potential challenges.
Despite the cautious outlook, Hyundai expressed confidence in the future growth of the global auto market, particularly as the shift to electric vehicles intensifies. The automaker is expanding its EV brand and focusing on increasing awareness of its IONIQ series as part of its strategy in the evolving automotive landscape.
Carrying the EV momentum into 2024
The carmaker anticipates EV sales to continue to rise in 2024. Hyundai intends to sell over 300,000 electrified vehicles in 2024, a 12% increase over last year.
Hyundai's investment plans for 2024 include expanding the number of mass-produced models and developing a new EV facility in Georgia, as well as continuing to explore future technologies.
In late October, the business announced that 99.9% of the groundwork work for its mammoth $5.5 billion EV and battery complex had been finished.
Hyundai has hastened development to take advantage of government incentives such as the $7,500 tax credit. Despite the fact that its vehicles do not qualify for the tax credit (only through leasing), Hyundai Motor (with sister firm Kia) has surpassed Ford and GM to rank second in US electric vehicle sales in 2023, trailing only Tesla.
To compensate for the tax benefit, Hyundai offered large discounts on the IONIQ 5 and 6 models.
For example, Hyundai is providing a $7,500 purchase incentive for the 2024 IONIQ 6. That is $9,300 less than the current Tesla Model 3 price.
Hyundai also unveiled the new Kona Electric this year. The 2024 Kona EV starts at $33,000, making it one of the most cheap electric vehicles on the market. It is also larger and more attractive than the previous version, with quicker charging and increased range.
0 Comments