{"id":74830,"date":"2024-07-25T11:59:57","date_gmt":"2024-07-25T15:59:57","guid":{"rendered":"http:\/\/autosector.com\/?p=74830"},"modified":"2024-07-25T11:59:57","modified_gmt":"2024-07-25T15:59:57","slug":"hyundai-plug-demand-gap-hybrids-but-evs-still-future","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=74830","title":{"rendered":"Hyundai to plug demand gap with hybrids but still sees EVs as the future"},"content":{"rendered":"
\n\t\"Hyundai-hybrids-EVs\"<\/figure>\n

After electric car sales fell nearly 25% in the second quarter, Hyundai<\/a> will lean on hybrids to boost growth. Despite a short-term \u201cChasm,\u201d Hyundai expects EVs to lead long-term growth. As such, the company is doubling down on its IONIQ lineup and new low-cost EVs like the Casper Electric (Inster EV overseas).<\/p>\n

<\/p>\n

Uncertainty brewing<\/h2>\n

\u201cDespite the ongoing uncertain business environment,\u201d a company official said, \u201cincluding slowing demand due to continued high interest rates,\u201d Hyundai had a record second quarter.<\/p>\n

Although there\u2019s a \u201crising trend of incentives due to intensifying competition in major markets,\u201d Hyundai posted record sales and operating profit margins in Q2.<\/p>\n

Hyundai\u2019s sales rose 6.6% in Q2 2024 to over $32.7 billion (KRW 45.206 trillion), setting a new quarterly record.<\/p>\n

With a favorable exchange rate, improved selling prices, and higher car sales, Hyundai\u2019s operating profit reached a record of $3.1 billion (KRW 4.2791 trillion). The Korean automakers operating profit margin was over 9%.<\/p>\n

Hyundai sold 1,057,168 vehicles globally in Q2, down 0.2% from last year. Excluding China, Hyundai\u2019s sales were up 2.2% year-over-year. Hyundai credited strong North American sales for the growth.<\/p>\n

\"Hyundai-hybrids-EVs\"
Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)<\/figcaption><\/figure>\n

Hyundai to ramp up hybrids, focus on EVs long-term<\/h2>\n

In its home market, Hyundai sold 185,737 models<\/a>, down 9.6% YOY. Hyundai said the decline was due to slowing demand for EVs and souring consumer sentiment. Overseas, Hyundai sold 871,431 vehicles, up 2%, with the new Santa Fe and Genesis GV80 contributing to higher profits.<\/p>\n

Although hybrid sales surged 26.4% (122,421), Hyundai\u2019s EV sales slipped 24.7% (58,950) in Q2. Hyundai said the global EV market has \u201centered the Chasm,\u201d or a temporary stagnation of demand.<\/p>\n

\"Hyundai-hybrids-EVs\"
2024 Hyundai IONIQ 5 (Source: Hyundai)<\/figcaption><\/figure>\n

To fill the demand gap, Hyundai plans to ramp up hybrids. Despite a short-term slip in demand, Hyundai expects EVs to lead the growth in the mid-to-long term as investments and regulations ramp up.<\/p>\n

Hyundai will focus on expanding its IONIQ EV lineup, adding hybrids, and launching new electric cars like the Casper Electric.<\/p>\n

\"Hyundai's-Casper-EV-spotted\"
Hyundai Casper Electric (Source: Hyundai)<\/figcaption><\/figure>\n

Last month, Hyundai opened Casper Electric<\/a> (known as the Inster EV overseas) pre-orders in Korea, starting under $23,000 (31.5 million won). With incentives, the Casper EV can be bought for as little as $14,500 (20 million won). In Europe, it will start at under $27,000 (25,000 euros).<\/p>\n

We caught a glimpse of Hyundai\u2019s new EV out in the wild earlier this month (You can see the video here<\/a>). Later this year, Hyundai is expected to reveal its first three-row electric SUV, the IONIQ 9.<\/p>\n

\"Hyundai-IONIQ-9-launch\"
Hyundai IONIQ 9 (SEVEN) concept (Source: Hyundai)<\/figcaption><\/figure>\n

Hyundai is preparing for a shift<\/a> in US EV policies, with the election coming up in November. If Trump wins, he has already promised to end the EV mandate (even though it doesn\u2019t exist<\/a>). For more flexibility, Hyundai could add more hybrids to its new EV plant in Georgia, opening later this year.<\/p>\n

The news comes after US automaker Ford missed earnings expectations by a wide margin. Ford\u2019s EV losses reached $2.5 billion in the first half of 2024 (read more about Ford\u2019s Q2 2024 earnings<\/a>).<\/p>\n

\n

FTC: We use income earning auto affiliate links.<\/em> More.<\/a><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

After electric car sales fell nearly 25% in the second quarter, Hyundai will lean on hybrids to boost growth. Despite a short-term \u201cChasm,\u201d Hyundai expects EVs to lead long-term growth. As such, the company is doubling down on its IONIQ lineup and new low-cost EVs like the Casper Electric (Inster EV overseas). Uncertainty brewing \u201cDespite […]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-74830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-cars"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/74830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=74830"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/74830\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=74830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=74830"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=74830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}