Hyundai Motor Group Records 450,000 Electric Vehicle Sales in 2023

Hyundai Motor’s battery electric vehicle (BEV) sales in 2023 were recorded at 268,785 units. Together with Kia’s 182,000 units, 451,000 units were sold. Hyundai’s Ioniq 5 and Ioniq 6 led the increase. It showed solid sales growth in key markets, including North America, Europe, and India.

Despite the increase in demand for electric vehicles, it warns of the uncertainty of the business environment. It may be affected by external factors such as interest rates. It predicted that risk factors such as the expansion of exchange rate volatility and cost increases due to intensified competition can cause uncertainty.

Hyundai Motor expects that BEV sales will continue to increase in 2024. Hyundai predicts that the BEV sold in 2024 will increase by about 12% from the previous year to about 300,000 units. Hyundai’s 2024 investment plan includes expanding production models, constructing a new BEV factory in Georgia, and developing future technologies. It announced that 99.9% of the groundwork for the BEV and battery factory in Georgia, worth $5.5 billion, was completed at the end of last October.

In 2023, the Hyundai Motor Group ranked second in the U.S. BEV market, beating Ford and GM and following Tesla. Hyundai is pursuing sales expansion by providing high incentives to Ioniq 5 and 6 models that can’t receive the IRA tax deduction.

Hyundai admits market slowdown but still expects BEV sales to continue to grow. Despite GM and Ford reducing or withdrawing their investment in BEV, Hyundai has accelerated facility construction.

Hyundai has set a goal to leap to one of the top three BEV manufacturers in the world by selling 18 new models and 2 million BEVs by 2030.