In the ever-evolving landscape of electric vehicles (EVs), South Korea's Hyundai Motor Company seems to have encountered a challenging phase as the onset of 2024 witnessed a decline in global EV wholesale deliveries. Just a year after basking in the glory of doubled sales, Hyundai has reported a much more intricate landscape this year, indicating that the tides have turned for the Korean brand.

In spite of the global vehicle sales growing by 1.8 per cent year-over-year, the EV segment of the company has faced a notable decline for the third time in a row. Last month, the combined wholesale shipments of Hyundai and its luxury sister brand Genesis’ plug-in cars experienced a 10 per cent decline year-over-year, amounting to 18,658 units. This figure represents approx. 5.9 per cent of the automaker's total sales volume, notably down from 6.7 per cent that was recoded a year earlier.

When we delve into the specifics, we come to know that the automaker’s all-electric car volume decreased 14 per cent year-over-year, settling at 15,545 units. This included 14,869 units of the Hyundai EVs (down 12 per cent year-over-year) and 676 units of Genesis EVs (down 47 per cent year-over-year). On the flip side, plug-in hybrid electric vehicles (PHEVs) showed a slight resurgence, with a 19 per cent year-over-year jump to 3,113 units, albeit still below record levels.

The hydrogen fuel cell cars, chiefly the Hyundai Nexo, which once boasted sales in the hundreds per month, came to a stunning halt, as the company could sell just six units in January, marking a 99 per cent decline year-over-year. This slump prompts speculation about the future of the brand’s hydrogen endeavors.

Comparing these figures to the strong sales data recorded in 2023, where plug-in car wholesale shipments had surpassed the mark of 309,000 units, the contrast becomes stark. All-electric car sales roughly reached 260,000 units, accounting for 6.2 per cent of the total volume.

As Hyundai grapples with this intricate landscape, the month of January this year serves as a litmus test for its ambitious EV targets, simply because the aforementioned decline in its worldwide EV wholesale deliveries is enough to raise questions about its ability to achieve those targets in near future. Nevertheless, encouraging indications in certain markets offer a glimmer of optimism that the automaker will eventually be able to boost its sales to unprecedented levels.