Hyundai has announced a temporary halt in the production of its IONIQ 5 and Kona EV models in Korea. The decision comes amidst a slowdown in exports, prompting the automaker to pause operations at its Ulsan plant.
Industry sources revealed that this is the third time this year that Hyundai is suspending the production of these popular electric vehicles. The pause, scheduled from May 27 to May 30, is aimed at addressing the decline in sales and export numbers for the IONIQ 5 and Kona EV.
Despite launching discount campaigns to boost sales, Hyundai has faced challenges in the global electric vehicle market. Export figures for the IONIQ 5 and Kona EV have seen significant drops compared to the previous year, with a notable decrease in overseas sales.
Hyundai cited sluggish sales in the global electric vehicle market as a key factor behind the production pause. Efforts to secure additional orders have been hindered by the current market conditions, leading to the temporary shutdown of the production line at the Ulsan plant.
This move follows similar halts in production that occurred in February and April, reflecting the ongoing challenges faced by Hyundai in maintaining steady sales and production levels for its electric vehicles.
While facing setbacks in some markets, Hyundai’s joint venture in China, Beijing Hyundai, reported improved losses in Q1. The company is set to launch a custom-tailored electric SUV in China later this year, with hopes of turning a profit by the end of 2025.
In the US, Hyundai reported record sales for the seventh consecutive month, with the IONIQ 5 maintaining its position as a top-selling electric vehicle. The company’s latest three-row electric SUV, the IONIQ 9, has also garnered attention, with attractive discounts being offered to customers.
Despite the success in the US market, Hyundai has seen a decline in IONIQ 6 sales this year. However, the company remains optimistic about its future prospects, particularly with the introduction of new models and ongoing efforts to expand its electric vehicle lineup.
Hyundai’s strategy includes offering generous discounts on select models in the US, such as the IONIQ 9, to attract more customers and drive sales. Leasing options starting at $209 per month aim to make electric vehicles more accessible to a wider audience.
For those interested in experiencing Hyundai’s electric vehicles firsthand, the company provides various options for exploring and test-driving popular models like the IONIQ 5, IONIQ 6, and upcoming IONIQ 9. These initiatives are part of Hyundai’s broader efforts to promote electric mobility and enhance its presence in the rapidly evolving automotive industry.
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