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 \u2013 as strong as it’s been this year \u2013 may be leveling off a bit.\u00a0<\/p>\n
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.)<\/p>\n
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:\u00a0<\/p>\n
*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\u00a0Vietnam (both small numbers), as well as in the United States.<\/em><\/p>\n 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.)\u00a0<\/p>\n 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.\u00a0<\/p>\n 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).<\/p>\n Wholesale plug-in car sales last month (YOY change):<\/p>\n
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Hyundai BEVs: 20,446 (up 14%)
Genesis BEVs: 1,430 (down 29%)<\/li>\n