What?
Hyundai Motor America reported a 42% increase in U.S. electric vehicle (EV) sales in May 2024, with a total of 78,485 vehicles sold. This marks a 12% increase compared to the previous year. The Ioniq 5 crossover had its best sales month ever, contributing significantly to this growth.
Why does it matter?
In a time when some EV manufacturers are experiencing stagnant sales, Hyundai stands out with its strong performance in the EV market. The company’s total electrified vehicle sales, including EVs, hybrids, and plug-in hybrids, increased by 50% year-over-year. Specifically, their all-electric vehicle sales saw a substantial 42% boost compared to May 2023. The success of the Ioniq 5, achieving record sales figures without federal tax credit support, demonstrates Hyundai’s competitive edge in the EV industry.
How is it going to shape the future?
Hyundai’s remarkable sales performance in the EV sector sets a positive trajectory for the brand’s future growth in the United States. With a range of electric vehicles based on the E-GMP platform gaining popularity, including the Ioniq 5 and Ioniq 6 models, Hyundai has positioned itself as a key player in the EV market. The company’s CEO, Randy Parker, attributes their success to the increasing popularity of EVs and hybrids, emphasizing the significance of Hyundai’s eco-friendly lineup. As Hyundai continues to innovate and expand its EV offerings, it is poised to maintain its momentum and solidify its position as a leader in the electric vehicle industry.