Hyundai EV Sales Spiked By 100 Percent Last Month

Overall Hyundai sales were up just 0.2 percent through Q1.

By: Anthony Alaniz

Apr 2, 2024 at 12:51pm ET

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First-quarter sales numbers for 2024 are beginning to roll in. Many are eager to see if battery-electric vehicles are genuinely facing a slowdown, but if they are, it’s not affecting Hyundai just yet. EV sales for the brand are up through the first three months of the year, surging by 62 percent for the quarter and 100 percent for March.

The bulk of that growth came from the new Ioniq 6, which Hyundai is eager to lease one to you for cheap. Sales jumped 1,542 percent for the quarter and 794 percent last month compared to 2023. Hyundai moved 1,984 Ioniq 6 sedans the previous month. It sold 3,646 electric crossovers in Q1.

Gallery: 2023 Hyundai Ioniq 6: First Drive

The Ioniq 5 also saw its sales increase, but less dramatically, although it did set a sales record. They rose 58 percent for the month and 18 percent for the quarter. The company sold 3,361 Ioniq 5s in March and 6,822 of them so far this year.

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The two EVs made up a sliver of Hyundai’s total Q1 sales. The company sold 184,804 vehicles in the first three months of 2024, up just 0.2 percent. The quarter saw the Tucson PHEV, Tucson HEV, Kona EV, and Palisade set sales records. The Palisade jumped 58 percent for the month and was up 29 percent in Q1, with 25,255 sold, more than double the number of EVs.

Automakers have been reevaluating their EV strategies in the face of a slowing sales. The charging infrastructure remains lacking in most of the US, and cheaper EVs remain elusive in the market. But Hyundai seems to have things figured out, at least for now.