Hyundai sold nearly 269,000 electric vehicles last year as IONIQ 5 and 6 spark growth

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Hyundai sold 268,785 EVs last year as demand for the IONIQ 5 and IONIQ 6 picked up. The South Korean automaker plans to strengthen its leadership in the EV market, with new models gaining momentum.

Hyundai sold 268,785 EVs in 2023

During the last three months of 2023, Hyundai sold over 57,975 electric vehicles globally. With this, Hyundai’s global EV sales reached 268,785 in 2023.

Hyundai attributed the growth to higher sales of its dedicated IONIQ EVs. Based on Hyundai’s E-GMP platform, designed specifically for EVs, the IONIQ 5 and IONIQ 6 are gaining ground despite rising competition.

The company saw solid sales growth across key markets, including North America, Europe, and India.

Despite higher demand for its EVs, Hyundai is warning of “uncertainty in the business environment.” Hyundai cited external factors such as interest rates for the downbeat outlook.

The automaker said risk factors such as increased exchange rate volatility and higher costs due to rising competition could lead to uncertainty.

Meanwhile, Hyundai said it expects the global auto market to continue growing in the future as the shift to electric heats up. Hyundai is expanding its EV brand as it looks to increase awareness around its IONIQ series.

2024 Hyundai IONIQ 5 (Source: Hyundai)

Carrying the EV momentum into 2024

The automaker expects EV sales to continue growing in 2024. Hyundai expects to sell around 300,000 electric cars in 2024, or about 12% growth from last year.

Hyundai said its investment plans for 2024 include increasing the number of mass-produced models and building its new EV plant in Georgia while continuing to develop future tech.

2024 Hyundai IONIQ 6 Limited (Source: Hyundai)

The company said 99.9% of the foundation work was completed on its massive $5.5 billion EV and battery plant in late October.

Hyundai accelerated construction to take advantage of government incentives like the $7,500 tax credit. Despite its vehicles not qualifying for the tax credit (only through leasing), Hyundai Motor (including sister company Kia) surged past Ford and GM for second in US electric vehicle sales in 2023 behind Tesla.

Hyundai IONIQ 5 (Source: Hyundai)

To make up for the tax credit, Hyundai introduced significant incentives on the IONIQ 5 and 6 models.

For example, Hyundai is offering a $7,500 purchase incentive on the 2024 IONIQ 6. That undercuts the new Tesla Model 3 by $9,300.

2024 Hyundai Kona EV (Source: Hyundai)

Hyundai also introduced the redesigned Kona Electric this year. Starting at $33,000, the 2024 Kona EV is one of the most affordable electric cars on the market. It’s also bigger and more stylish than the previous generation, with faster charging and more range.

Electrek’s Take

Although Hyundai is acknowledging the market is slowing, it still expects EV sales to continue rising. Hyundai continues doubling down on electric vehicles with new technology and unique models built from the ground up.

Despite other automakers like Ford and GM pulling back EV investments, Hyundai has accelerated construction at its GA facility.

The automaker sees an opportunity in the market and looks to take advantage. Hyundai aims to be a top three EV maker by 2030 with 18 new models and two million in sales.

If you’ve been eyeing Hyundai’s electric vehicles, now may be a great time to shop. Hyundai’s EVs are at some of the lowest prices since launching. You can use our links below to find great deals on Hyundai’s EV models at a dealer near you.

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