Hyundai's sales report pointed out that the total global sales of all its models in the third quarter reached 1.025 million units, an increase of 14% compared with the same period last year. The growth of pure electric vehicles is even more obvious. The total global sales in the third quarter were about 52,000 vehicles, accounting for 5.1% of the total sales in the third quarter, and an increase of more than 27% compared with the same period last year. The reason why
Hyundai's pure electric car sales continues to rise is mainly due to the excellent sales performance of the newly launched Hyundai IONIQ 6 and Genesis GV60. The sales of the award-winning IONIQ 5 is still strong in the third quarter.
However, Hyundai's subsequent pure electric sales performance has huge challenges, because the Inflation Reduction Act passed by the US government in August.
This bill allows electric vehicles not produced and assembled in the United States to no longer enjoy a preferential tax credit of $7,500. Hyundai currently has no electric vehicle factory in operation in the United States, so Hyundai's pure electric vehicle models will not perform well in the future in the United States.
The only way Hyundai can solve this dilemma is to set up an electric vehicle factory in the United States. In fact, Hyundai does have this plan. The latest report points out that Hyundai's $5.54 billion electric vehicle and battery factory in Georgia, USA has started construction, with an annual production capacity target of 300,000 vehicles.
However, Hyundai's US electric vehicle factory is expected to be completed in the first half of 2025, so the sales disadvantage of Hyundai's US electric vehicle in the short term will not be alleviated.
