Hyundai’s Electrified Vehicle Sales Surge in May 2024
Hyundai’s Electrified Vehicle Sales Surge in May 2024
Despite the persistent “slowdown” narrative surrounding electric vehicles (EVs), Hyundai Motor America has defied expectations with impressive sales figures in May. The Korean automaker reported selling 78,485 vehicles last month, a 12% increase from the same period last year. Year-to-date, Hyundai has sold 331,892 vehicles in the U.S., marking a 2% rise year-over-year.
Electrified Vehicle Sales Skyrocket
Hyundai’s electrified vehicle sales, which include EVs, hybrids, and plug-in hybrids, soared by 50% compared to the previous year. All-electric vehicle sales alone surged by 42% compared to May 2023. The Ioniq 5 crossover, in particular, had its best sales month ever, with 5,548 electric cars sold based on Hyundai’s E-GMP platform in the U.S., a 62% increase year-over-year. E-GMP EVs now make up 7.1% of Hyundai’s total volume, up from 4.9% a year ago. This includes a record-breaking 4,449 Ioniq 5 units (an 82% increase) and 1,099 Ioniq 6 units (a 13% increase).
Interestingly, the Ioniq 5 continues to set new records two years after its market launch, even without the direct support of the $7,500 federal tax credit. Instead, about 60% to 70% of Ioniq 5 customers are leasing, allowing them to benefit from the full credit indirectly.
Performance and Comparison
The Ioniq 5’s previous best month was July 2023, with 4,135 units sold. The exact numbers for the Hyundai Kona Electric remain undisclosed, as its sales are combined with the internal combustion engine Kona. Similarly, sales figures for the new performance-focused Ioniq 5 N model are included with the standard Ioniq 5.
May 2024 Hyundai BEV Sales (YOY change):
- Hyundai Ioniq 5: 4,449 (up 82%)
- Hyundai Ioniq 6: 1,099 (up 13%)
- Hyundai Kona Electric: N/A
- Total Ioniq Family: 5,548 (up 62%), representing 7.1% of total sales
So far this year, nearly 21,000 Hyundai Ioniq 5 and Ioniq 6 units have been sold in the U.S., a 67% increase year-over-year, accounting for about 6.3% of the brand’s total volume.
Year-to-Date Hyundai BEV Sales (YOY change):
- Hyundai Ioniq 5: 14,973 (up 43%)
- Hyundai Ioniq 6: 5,998 (up 188%)
- Hyundai Kona Electric: N/A
- Total Ioniq Family: 20,971 (up 67%), representing 6.3% of total sales
In 2023, the total sales of the Hyundai Ioniq 5 and Ioniq 6 amounted to 46,917, which was about 5.9% of the total volume.
Looking Ahead
The first half of 2024 has been very successful for Hyundai in the U.S. However, the real challenge will be maintaining this momentum into the second half of the year. Notably, official statistics do not include sales results for other plug-in models like the Santa Fe PHEV and Tucson PHEV, as they are grouped with conventional or non-rechargeable hybrids.
The Hyundai Nexo, a hydrogen fuel cell model, saw a decline, with only six units sold last month, down 63% year-over-year. So far in 2024, only 70 Nexo units have been sold, a 28% decrease from last year.
Randy Parker, CEO of Hyundai Motor America, expressed pride in the company’s eco-friendly lineup, stating, “We continue seeing great success in our eco-friendly lineup with an overall 50% increase year-over-year. Both EVs and hybrids continue to gain popularity, with Hyundai’s newest HEV, the 2024 Santa Fe, gaining 116% YOY and our award-winning Ioniq 5 family increasing 82%. We’re proud to also announce Hyundai has America’s Most Awarded EV Lineup in the industry.”
Hyundai’s performance in May 2024 highlights the growing demand for electrified vehicles. With strategic leasing options and a strong product lineup, Hyundai is well-positioned to continue its upward trajectory in the competitive EV market.
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