Hyundai Motor BEV Sales Surprisingly Slowed Down In September 2023

Hyundai Motor Company (Hyundai and Genesis brands) reports that its global vehicle sales in September amounted to 357,151 units, which is basically on par with last year’s result (down 0.1 percent). During the first nine months of 2023, the company sold 3,127,001 vehicles (up 7.7 percent year-over-year).

The South Korean manufacturer says also that its all-electric vehicle sales during the month amounted to around 18,000 units, “proving that the company is solidifying its EV leadership in the global market.”

Well, while it’s not a bad result, it seems to be slightly lower than a year ago, which is a bit surprising (potentially it’s just a temporary slowdown).

Last month, the combined wholesale shipments (closely related to production) of Hyundai and Genesis plug-in cars, amounted to *21,639 (down five percent year-over-year). We estimate that it is around 6.1 percent of the automaker’s total sales volume (compared to 6.4 percent a year ago).

*Retail sales in South Korea plus wholesale sales (manufacturer level) outside South Korea, unaudited and on a preliminary basis.

**The Hyundai sales report includes sales numbers from the plants in South Korea, Europe (Kona Electric and Tucson PHEV), Indonesia (Ioniq 5), and plants in China and India (both small numbers), as well as in the United States.

The data indicates that all-electric car volume decreased by seven percent year-over-year to 17,563. This drop concerns both the Hyundai brand (down three percent) and the Genesis brand (down 41 percent). Plug-in hybrid car volume improved by five percent year-over-year to 4,076.

It’s worth noting a progressing collapse of the hydrogen fuel cell Nexo model sales, which in September was down by almost 80 percent year-over-year.

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

• BEVs: 17,563 (down 7%) and 4.9% share
  Hyundai BEVs: 16,433 (down 3%)
  Genesis BEVs: 1,130 (down 41%)
• PHEVs (Hyundai): 4,076 (up 5%) and 1.1% share
• Total plug-ins: 21,639 (down 5%) and 6.1% share
• FCVs (Hyundai): 237 (down 78%) and 0.1% share

So far this year, the plug-in electric car wholesale shipments exceeded 240,000, which is about 7.7 percent of the total volume.

Wholesale plug-in car sales year-to-date (YOY change):

• BEVs: 199,824 (up 52%) and 6.4% share
  Hyundai BEVs: 184,122 (up 56%)
  Genesis BEVs: 15,702 (up 13%)
• PHEVs (Hyundai): 40,646 (up 15%) and 1.3% share
• Total plug-ins: 240,470 (up 44%) and 7.7% share
• FCVs (Hyundai): 4,049 (down 48%) and 0.1% share

For reference, in 2022 Hyundai Motor Company sold more than 240,000 plug-in electric cars (up 45 percent year-over-year), including nearly 195,000 all-electric (up 56 percent).

Hyundai brand

An interesting finding is that the wholesale volume of the E-GMP-based models decreased year-over-year by about four percent reaching the lowest level this year (12,102) and since August 2022 (when the company was preparing the introduction of the Ioniq 6).

The top three all-electric models in the lineup so far this year are the Ioniq 5, Kona Electric, and the Ioniq 6.

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

• Hyundai Ioniq 5: 7,723 (down 12%) and 85,052 YTD (up 21%)
• Hyundai Kona Electric: 5,001 (down 7%) and 52,474 YTD (up 32%)
• Hyundai Ioniq 6: 3,616 (up 36%) and 46,491 YTD (up 1637%)
• E-GMP BEVs: 12,102 (down 4%) and 140,805 YTD (up 73%)

The hydrogen fuel cell model — Hyundai NEXO — noted 237 units last month (and 4,049 YTD).

Genesis brand

In the case of Genesis, the brand’s wholesale shipments of all-electric cars (GV60, Electrified GV70, and Electrified G80) amounted to 1,130 (down 41 percent year-over-year). The year-to-date volume is 15,702 (up 13 percent year-over-year).