Hyundai’s U.S. electric car sales surge 42% in May 2024

Hyundai’s U.S. electric car sales surge 42% in May 2024

Hyundai Motor America, a subsidiary of South Korea-based Hyundai Motor Company responsible for operations in North America, enjoyed an impressive surge of 42 per cent in its all-electric vehicle sales in the US market in May 2024 defying all expectations and trends. According to stats released by Hyundai, the company sold a total of 78,485 electrified vehicles in America last month, up 12 per cent year-over-year. Year to date (YTD), the automaker has sold 331,892 vehicles, up 2 per cent from the corresponding period of 2023. This surge in sales underscores the automaker’s increasing influence in the American E.V. market

The automaker’s total electrified vehicle sales in the U.S., including battery-powered vehicles (BEVs) and plug-in hybrid vehicles (PHEVs), surged 50 per cent year-over-year last month. Notably, the month of May surfaced as the best month in terms of sales of the Ioniq 5 crossover to date. Hyundai sold 5,548 units of its E-GMP-based electric cars, up 62 per cent year-over-year. Sales of the E-GMP electric cars represent 7.1 per cent of the brand’s total volume, significantly up from 4.9 per cent a year ago.

The company sold a record number of Ioniq 5s (4,449 units) in May, up 82 per cent from the corresponding month of last year. The number of Ioniq 6s sold in the month jumped 13 per cent to settle at 1,099. Remarkably, the Hyundai Ioniq 5 set new records around a couple of years after its market launch, without the direct backing of the federal government’s renowned $7,500 tax credit. Previously, the Ioniq 5's best month in terms of sales in the U.S. was July 2023, when a total of 4,135 units were sold.

Year to date (YTD), the company has sold nearly 21,000 units of Hyundai Ioniq 5 and Ioniq 6 in the U.S., enjoying a growth of 67 per cent from the corresponding period of last year. This figure also represents roughly 6.3 per cent of the brand's total sales volume.

To be more specific, the automaker sold 4,449 units of the Hyundai Ioniq 5 (up 82 per cent) and 1,099 units of the Ioniq 6 (up 13 per cent). Total Ioniq family accounted for 7.1 per cent share of total sales volume.

Hyundai’s strong sales performance in the U.S. EV market highlights the growing acceptance of its electrified vehicles. With the aforementioned substantial year-over-year gains, the South Korean brand seems to be well-positioned to continue its upward trajectory.

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