After electric car retails fell nearly 25% in the second quarter, Hyundai will rely on hybrids to raise growth. Inspite of a short-term “Chasm,” Hyundai contemplates EVs to lead long-term extension. As such, the company is continuing on its IONIQ lineup and new low-cost EVs like the Casper Electric.
“Inspite of the ongoing uncertain business environment,” a company official said, “comprising slowing demand due to continued high interest rates,” it had a record second quarter.
Although there’s a “growing trend of motivations due to increasing competition in major markets,” Hyundai attached record sales and working profit verges in Q2.
Hyundai’s sales rose 6.6% in Q2 2024 to over $32.7 billion (KRW 45.206 trillion), putting a new quarterly record.
With a supportive exchange rate, upgraded selling prices, and higher car sales, Hyundai’s working profit came to a record of $3.1 billion (KRW 4.2791 trillion). The Korean automakers operating profit verge was over 9%.
Hyundai sold 1,057,168 vehicles worldwide in Q2, down 0.2% from last year. Prohibiting China, Hyundai’s sales were up 2.2% year-over-year. The company attributed strong North American sales for the extension.
In its home market, it sold 185,737 models, down 9.6% YOY. Hyundai said the fall was due to slowing demand for EVs and ascending customer beliefs. Abroad, Hyundai sold 871,431 vehicles, up 2%, with the new Santa Fe and Genesis GV80 adding to higher profits.
Even though hybrid sales rose 26.4% (122,421), Hyundai’s EV sales fell 24.7% (58,950) in Q2. Hyundai said the worldwide EV market has “came into the Chasm,” or a temporary decline of demand.
To fill the demand gap, Hyundai formulates to ramp up hybrids. Inspite of a short-term fall in demand, Hyundai anticipates EVs to lead the extension in the mid-to-long term as funding and regulations ramp up.
Hyundai will concentrate on extending its IONIQ EV lineup, adding hybrids, and introducing new electric cars like the Casper Electric.
Last month, Hyundai unfolded Casper Electric pre-orders in Korea, starting under $23,000 (31.5 million won). With motivations, the Casper EV can be bought for as little as $14,500 (20 million won). In Europe, it will start at under $27,000 (25,000 euros).
We caught a glance of Hyundai’s new EV out in the wild earlier this month . Later this year, the company is expected to display its first three-row electric SUV, the IONIQ 9.
Hyundai is getting ready for a shift in US EV policies, with the election coming up in November. If Trump wins, he has already pledged to end the EV mandate. For more adaptability, Hyundai could add more hybrids to its new EV plant in Georgia, opening later this year.
