Hyundai, Genesis BEV Sales Increased Just Slightly In October 2023

Hyundai and its luxury Genesis brand are having a great year. The two reported that total global vehicle sales in October amounted to 377,986 units, which is 9.6 percent more than a year ago. During the first 10 months of 2023, the company sold 3,505,024 vehicles, which is up 7.9 percent year-over-year. However, all-electric vehicle growth – as strong as it’s been this year – may be leveling off a bit. 

The South Korean manufacturer says EV sales in October month amounted to nearly 18,000 units, which is basically on par with September. However, if we take a look at the year-over-year growth, the results are a bit disappointing, because they are barely matching the total sales growth. We expected a more rapid increase in plug-in car sales. (Results from Kia aren’t counted here, as that is a separate division within the larger Hyundai Motor Group.)

Last month, the combined wholesale shipments (which are closely related to production) of Hyundai and Genesis plug-in cars, amounted to *25,772, up 7 percent year-over-year). We estimate that it is around 6.8 percent of the automaker’s total sales volume, compared to 7 percent a year ago. From the automaker: 

*Retail sales in South Korea plus wholesale sales (at the 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, India, and Vietnam (both small numbers), as well as in the United States.

The data indicates that all-electric car volume increased by 10 percent year-over-year to 21,876, including 20,446 Hyundai BEVs (up 14 percent year-over-year) and 1,430 Genesis (down 29 percent year-over-year.) 

Despite some possible leveling off, EV sales globally from the Hyundai Motor Group have been a largely positive story this year amid concerns over uneven electric demand. Hyundai and its corporate cousin Kia have largely seen strong, increasing sales, and are full speed ahead on new EV and battery plants when other rivals seem to be getting more cautious. 

Interestingly, plug-in hybrid car volume decreased by five percent year-over-year to 3,896, while the hydrogen fuel cell Nexo model sales appear to be ending (down 84 percent year-over-year).

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

• BEVs: 21,876 (up 10%) and 5.8% share
  Hyundai BEVs: 20,446 (up 14%)
  Genesis BEVs: 1,430 (down 29%)
• PHEVs (Hyundai): 3,896 (down 5%) and 1% share
• Total plug-ins: 25,772 (up 7%) and 6.8% share
• FCVs (Hyundai): 189 (down 84%) and 0.1% share

Hyundai And Genesis Plug-in Car Sales – October 2023

So far this year, the plug-in electric car wholesale shipments exceeded 266,000, which is about 7.6 percent of the total volume.

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

• BEVs: 221,758 (up 46%) and 6.3% share
  Hyundai BEVs: 204,626 (up 51%)
  Genesis BEVs: 17,132 (up 7%)
• PHEVs (Hyundai): 44,542 (up 13%) and 1.3% share
• Total plug-ins: 266,300 (up 39%) and 7.6% share
• FCVs (Hyundai): 4,238 (down 52%) 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

Model results

In October, wholesale shipments of the E-GMP-based models decreased by 0.8 percent year-over-year to 13,580. It was the second consecutive month without year-over-year growth.

The top three all-electric models in the lineup remain the same: the Ioniq 5, Kona Electric, and the Ioniq 6.

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

• E-GMP BEVs: 13,580 (down 1%) and 154,443 YTD (up 63%)
• Hyundai Ioniq 5: 9,800 (up 12%) and 94,910 YTD (up 20%)
• Hyundai Kona Electric: 7,279 (up 34%) and 59,753 YTD (up 32%)
• Hyundai Ioniq 6: 3,272 (down 11%) and 49,763 YTD (up 683%)

The hydrogen fuel cell model — Hyundai NEXO — noted 189 units last month (and 4,238 YTD).

Genesis brand

The Genesis brand is currently struggling to improve all-electric car sales, as wholesale shipments were noticeably lower than a year ago. In total, GV60, Electrified GV70, and Electrified G80 volume amounted to 1,430 (down 29 percent year-over-year). The year-to-date volume is 17,132 (up 7 percent year-over-year).

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