Molly Ayala
Hyundai Motor Group has been making significant strides in the electric vehicle (EV) market, with a range of models such as the IONIQ 5, IONIQ 5 N, IONIQ 6, and Kona Electric. In 2023, Hyundai sold over 268,000 electric vehicles globally, with North America, Europe, and India being key markets. The company expects to sell around 300,000 electric cars in 2024, aiming for a 12% growth rate. With its improved electric SUV, the 2025 IONIQ 5, and a new EV plant in Georgia, Hyundai is well-positioned to meet this target.
| Characteristics | Values |
|---|---|
| Number of electric vehicles sold in 2023 | 268,785 |
| Number of electric vehicles sold in 2024 | 299,000 (expected) |
| Number of electric vehicles sold in the last three months of 2023 | 57,975 |
| Number of electric vehicles sold in 2024 in the US | 836,800 |
| Best-selling Hyundai EV in 2024 | Ioniq 5 |
| Number of Ioniq 5 models sold in 2024 | 44,400 |
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What You'll Learn
Hyundai sold nearly 269,000 electric vehicles in 2023
Hyundai Motor Company has been making significant strides in the electric vehicle (EV) market. In 2023, the company sold nearly 269,000 electric vehicles, demonstrating a strong commitment to sustainability and innovation. This number includes both wholesale shipments and retail sales, with a presence in over 200 countries worldwide.
Hyundai's EV sales in 2023 built upon their previous successes. In 2022, the company sold more than 240,000 plug-in electric cars, a remarkable 45% increase from the year before. This upward trajectory continued into 2023, with Hyundai selling over 19,600 all-electric cars in July alone. The company's global vehicle sales in July 2023 totalled 334,968 units, a 1.2% increase compared to the previous year.
Hyundai's success in the EV market can be attributed to its popular models, such as the Ioniq 5 and Ioniq 6, which are based on the E-GMP platform. The Ioniq 5, in particular, has been well-received, with sales increasing by 203% in September 2023 compared to the previous year. Additionally, Hyundai's award-winning 2023 Ioniq 6 electric vehicle received a TOP SAFETY PICK+ (TSP+) designation from the Insurance Institute for Highway Safety (IIHS).
Hyundai's focus on electrification and sustainability is evident in its global sales strategy. In 2023, the company achieved annual sales of 762,077 vehicles in Korea, a 10.6% increase year-on-year, while overseas sales reached 3,454,603 units, a 6.2% increase. Hyundai's total global sales for 2023 amounted to 4,216,680 vehicles, a 6.9% increase compared to 2022.
Looking ahead, Hyundai aims to further optimize its product portfolio and vehicle supply management for each region. The company has set ambitious targets for 2024, aiming to achieve global sales of 4.24 million units, including its Genesis luxury brand. By strengthening its global EV production infrastructure and adapting to market changes, Hyundai is well-positioned to lead the electrification revolution and provide smart mobility solutions that embody its brand vision of 'Progress for Humanity'.
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The IONIQ 5 was Hyundai's best-selling EV in 2024
Hyundai has been making significant strides in the electric vehicle (EV) market, and its efforts paid off in 2024. The IONIQ 5, an all-electric compact SUV, was a standout performer for the company, solidifying its position as Hyundai's best-selling EV that year.
The IONIQ 5 has been a critical success for Hyundai since its launch in February 2021. Its bold and futuristic design, inspired by Hyundai's first production car, the Pony, has helped it stand out in a crowded market. The vehicle's aesthetics are complemented by its impressive performance and features, including a long driving range of over 300 miles, fast charging capabilities of under 20 minutes, and a high-tech interior.
In 2024, the IONIQ 5 sold 44,400 models in the US alone, an increase of 31% from 2023. This contributed to a record year for Hyundai in the US market, with over 836,800 vehicles sold, a 4% increase year-over-year. The IONIQ 5's success extended beyond the US as well, with over 68,000 exports, making it Hyundai's best-selling EV overseas. This achievement helped Hyundai set a new "eco-friendly" export record in 2024, with a surge in eco-friendly exports of nearly 160% since 2020.
The IONIQ 5's popularity can be attributed to its well-rounded nature, offering a balance of performance, technology, and style. It provides a high-quality driving experience with excellent range and fast charging, ensuring convenience and peace of mind for EV owners. Additionally, the IONIQ 5's interior is packed with technology and standard equipment, enhancing the overall driving experience. The vehicle also offers a spacious and comfortable cabin, making it a practical choice for consumers.
Hyundai's success with the IONIQ 5 has positioned the company well in the highly competitive EV market. With growing demand for EVs and Hyundai's continued innovation, the company is poised to build on the momentum generated by the IONIQ 5 in the coming years. The IONIQ 5 has set a high bar for electric vehicles, and Hyundai is expected to continue pushing the boundaries of EV technology and design.
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Hyundai's EVs include the IONIQ 5, 6, 9, and Kona Electric
Hyundai's electric vehicles (EVs) include the IONIQ 5, IONIQ 6, IONIQ 9, and Kona Electric. In 2024, the company sold over 836,800 vehicles in the US, attributing this success to the growing demand for its EVs.
The IONIQ 5 is one of Hyundai's most popular EVs, with 44,400 models sold in 2024, a 31% increase from 2023. The 2025 IONIQ 5 is expected to be even more popular, with upgraded features such as a bigger battery, improved range of up to 318 miles, and a NACS port to charge at Tesla Superchargers. The IONIQ 5 is an all-electric compact SUV that offers a high-tech interior, good range, and an excellent warranty. The 2022 model won accolades for its roominess and fast charging, with a maximum range of 303 miles.
The IONIQ 6 is another all-electric vehicle with impressive range figures and a class-leading warranty. The sleek and high-tech electric sedan boasts a unique style, solid range estimates, and fast-charging capability. The IONIQ 6 is designed to enhance the daily driving experience with its seamless driving experience, aerodynamic silhouette, and personalized features.
The IONIQ 9 is Hyundai's first three-row electric SUV, which was spotted testing in California and is set to be unveiled later this year. The company has also teased the 2026 IONIQ 9, a mid-size EV SUV with three rows of seats.
The Kona Electric is a well-rounded, all-electric subcompact SUV with a spacious, high-tech interior and a maximum range of 261 miles. The 2025 model is stylish, value-packed, and affordably priced, with two battery pack options offering a range of up to 260 miles. The Kona Electric is built on Hyundai's SUPERSTRUCTURE platform, ensuring safety in collisions, and offers advanced safety technologies such as Blind-Spot Collision Warning and Rear Cross-Traffic Collision Warning.
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Hyundai sold over 836,800 vehicles in the US in 2024
Hyundai has been making significant strides in the US automotive market, and these efforts culminated in an impressive performance in 2024. The company sold over 836,800 vehicles in the US during that year, marking a 4% increase from 2023. This achievement can be attributed to several factors, including Hyundai's commitment to innovation, its expanding operations, and its ability to meet the growing demand for electric vehicles (EVs).
Hyundai's success in the US market can be partly attributed to its diverse and innovative product offerings. The company has been dedicated to enhancing its competitiveness in the EV and hybrid segments. Its electric SUV, the IONIQ 5, has been a top-selling model, with 44,400 units sold in 2024—a 31% increase from the previous year. The IONIQ 5 has also received numerous accolades, including Car and Driver's "EV of the Year" for three consecutive years and The Car Connection's "Best Electric Car to Buy" for two years in a row. In addition, Hyundai's Ioniq 5 was the best-selling EV not made by Tesla in 2024.
Hyundai's growing operations in the US have also contributed to its sales success. The company has substantial operations across the country, including its North American headquarters in California, an assembly plant in Alabama, and several R&D facilities. These operations, along with those of its independent dealers, have a significant economic impact, contributing $20.1 billion annually and supporting 190,000 jobs in the US.
Another critical factor in Hyundai's strong sales performance is its ability to meet the rising demand for EVs. The company has recognised the shift towards electrification in the automotive industry and has focused on delivering a robust product mix. In 2024, Hyundai's eco-friendly retail sales increased, with its retail EV sales climbing 27% in August compared to the previous year. This growth in EV sales aligns with the overall trend in the US market, where EV sales jumped higher in the second half of 2024, pushing total US sales to a record 1.3 million.
While traditional vehicles with internal combustion engines still made up the majority of sales, their market share declined to 79.8%, falling below 80% for the first time. This shift towards electrification is expected to continue, with forecasts suggesting that EV sales will account for close to 10% of total sales in 2025. Hyundai is well-positioned to capitalise on this trend, having already committed to advancing its electric vehicle and battery technologies.
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Hyundai's EV sales reached 57,975 in the last quarter of 2023
Hyundai has been making significant strides in the electric vehicle (EV) market. In the last quarter of 2023, the company sold 57,975 electric vehicles globally, pushing its total EV sales for the year to 268,785. This impressive performance was driven by strong sales of the IONIQ 5 and IONIQ 6, which sparked growth despite rising competition. With a range of up to 303 miles, fast charging, and advanced features, the IONIQ 5 has been a top-selling EV in the US market, with 44,400 models sold in 2024. The IONIQ 5's success helped Hyundai achieve a new US sales record in 2024, with over 836,800 vehicles sold, representing a 4% increase year over year.
Hyundai's commitment to the EV market is evident in its accelerated construction of its EV plant in Georgia and its introduction of new models like the IONIQ 9. The company aims to be a top three EV maker by 2030 and expects to sell around 300,000 electric cars in 2024, a 12% growth from 2023. Hyundai's EV sales performance has been recognised, with the IONIQ 5 being named Electric Vehicle Best Buy of 2023 by Kelley Blue Book.
Hyundai's sister company, Kia, has also contributed to the group's success in the EV market. Kia's launch of its flagship EV9 in late 2023 resulted in sales of over 22,000 units in the US, surpassing the sales of its first dedicated EV, the EV6. Together, Hyundai and Kia sent the Hyundai Motor Group to the number two spot behind Tesla in US EV sales in 2024. With their continued investment in EV technology and production, Hyundai and Kia are well-positioned to maintain their strong performance in the growing EV market.
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Frequently asked questions
Hyundai sold 268,785 electric vehicles in 2023.
Yes, Hyundai sold nearly 269,000 electric vehicles in 2024.
The Ioniq 5.
Hyundai sold over 57,975 electric vehicles in the last quarter of 2023.
Hyundai sells or has revealed seven different electric vehicles.
