Hello and welcome to the Electric Viking blog! Today, we’re diving into the world of Hyundai’s electric vehicle sales and the challenges they are facing in the market. In a recent interview with Hyundai’s COO, Carlos Munos, he claimed that EV sales were a driver of growth for the company. However, the reality seems to be quite different.
Hyundai’s EV sales have been on a downward trend for the past six months, with a 31% decrease in the first four months of this year compared to the same period last year. This decline is a cause for concern for the company, as they are losing money on every electric car they produce. Despite having some great electric cars in their lineup, Hyundai is struggling to sell them at a profit.
One of the main reasons for Hyundai’s struggles in the EV market is their lack of presence in key markets such as China and the US. Without manufacturing facilities in these regions, Hyundai is missing out on potential sales and incentives that could help boost their EV sales. Additionally, the shift away from sedans towards SUVs and crossovers has impacted sales of Hyundai’s electric models like the Ioniq 5 and Kona.
Hyundai’s plans to invest $60 billion in electric vehicles are promising, but the company will need to make significant changes to their strategy in order to turn things around. Building a new factory in the US and focusing on markets like Europe and Southeast Asia could help Hyundai increase their EV sales and regain their position in the market.
Overall, Hyundai’s struggles in the EV market highlight the challenges that traditional automakers face in transitioning to electric vehicles. While Hyundai has the potential to succeed in the EV market, they will need to make strategic changes and investments in order to compete with the likes of Tesla and other leading electric vehicle manufacturers.
Thank you for reading and stay tuned for more updates on the electric vehicle industry!
