As electric vehicle sales from several automakers continue to defy the "slowdown" narrative, Hyundai Motor America reported even more good news in May. The Korean automaker announced 78,485 vehicle sales last month, 12% more than a year ago. So far this year, the company sold 331,892 vehicles, up 2% year-over-year.
Hyundai's U.S. total electrified vehicle sales—including EVs, hybrids and plug-in hybrids—increased by 50% year-over-year, and all-electric ones noted a 42% increase compared to May 2023. Additionally, May was the best sales month the Ioniq 5 crossover has seen to date.
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Hyundai EV sales increases
While many EV manufacturers are worried about flat EV sales, Hyundai started 2024 pretty well. Its EV sales in the U.S. increased quickly and after five months are over 66% higher than a year ago.
In May, Hyundai sold 5,548 electric cars based on its E-GMP platform in the U.S., 62% more than a year ago. E-GMP EVs represent 7.1% of Hyundai's total volume, up from 4.9% a year ago.
This figure includes a record number of 4,449 Ioniq 5s (up 82% year-over-year) and 1,099 Ioniq 6s (up 13%). Interestingly, the Hyundai Ioniq 5 is setting new records two years after its market launch and without the direct support of the $7,500 federal tax credit when purchasing. Hyundai officials have told InsideEVs that some 60% to 70% of customers are leasing them instead, which offers a loophole to take advantage of the full credit.
The Ioniq 5's previous best month ever was July 2023, when 4,135 units were sold.
There's also the Hyundai Kona Electric, for which numbers are not reported, as it's counted together with the internal combustion Kona. We also do not know how many Ioniq 5 sales were the new performance-focused Ioniq 5 N model, as those too are counted along with the standard version.
Hyundai BEV sales last month (YOY change):
- Hyundai Ioniq 5: 4,449 (up 82%)
- Hyundai Ioniq 6: 1,099 (up 13%)
- Hyundai Kona Electric: N/A
- Total Ioniq family: 5,548 (up 62%) and 7.1% share
Hyundai Ioniq 5/Ioniq 6 sales in the U.S. – May 2024
So far this year, almost 21,000 Hyundai Ioniq 5s and Ioniq 6s have been sold in the U.S., up 67% year over year and about 6.3% of the brand's total volume.
Hyundai BEV sales year-to-date (YOY change):
- Hyundai Ioniq 5: 14,973 (up 43%)
- Hyundai Ioniq 6: 5,998 (up 188%)
- Hyundai Kona Electric: N/A
- Total Ioniq family: 20,971 (up 67%) and 6.3% share
For reference, during the full calendar year of 2023, the total sales of the Hyundai Ioniq 5 and Ioniq 6 amounted to 46,917, representing about 5.9% of the total volume.
The first half of the year has been very positive for Hyundai in the U.S. As we wrote previously, the most significant challenge will be continuing that momentum in the second half of the year due to strong sales right now.
Unfortunately, the official stats do not include the sales results of other plug-in models like the Santa Fe PHEV and Tucson PHEV, as they are counted together with conventional or non-rechargeable hybrids.
The hydrogen fuel cell model, the Hyundai Nexo, sold just six units last month, down 63% year over year. Only 70 have been sold in 2024, down 28% from last year.
"We continue seeing great success in our eco-friendly line-up with an overall 50% increase year-over-year," Randy Parker, CEO of Hyundai Motor America, said in a statement. "Both EVs and hybrids continue to gain popularity with Hyundai’s newest HEV, the 2024 Santa Fe gaining 116% YOY and our award-winning IONIQ 5 family increasing 82%. We’re proud to also announce Hyundai has America's Most Awarded EV Lineup in the industry."
