US: Hyundai Ioniq 5 Sales Decreased To The Lowest Level Since January

In November, Hyundai Motor America sold 63,305 vehicles, which is not only a 43% increase year-over-year, but also the best ever November.

The company still has some work to do, as the year-to-date result after 11 months is 5% lower than in 2021, at 652,207, but at least it seems that Hyundai solved most of its supply issues in recent months and delivers a consistent growth in sales volume.

Randy Parker, CEO, Hyundai Motor America said:

“This was a terrific November for sales and especially our line-up of eco-friendly vehicles. Despite economic headwinds, we were still able to record an all-time retail and total sales record in November. Overall sales, specifically the Tucson and Santa Fe brands, continue to perform well and I’m excited to see how we finish the year.”

The South Korean manufacturer reports that several of its electrified models set new monthly records – including the Elantra HEV, Santa Fe HEV, Tucson HEV and the new 2023 Hyundai Kona Electric. However, the company does not provide any numbers.

Unfortunately, the all-electric Hyundai Ioniq 5 sales do not have such a reason to celebrate, as its sales continue to decrease almost every month since June. Last month, 1,191 units were delivered (about 1.9% of the total volume), which is the lowest level since the market launch.

We guess that the Inflation Reduction Act of 2022 (IRA), which caused the lack of the eligibility for the $7,500 federal tax credit for new orders (from August 16, 2022), affected the Ioniq 5.

So far this year, Hyundai Ioniq 5 sales in the US exceeded 21,000 (about 3.3% of the total volume). Because of the recent slowdown, it’s now unlikely to exceed 23,000 units in 2022.

The 2023 model year version of the Hyundai Ioniq 5 is about $1,500 more expensive, which combined with a probable lack of eligibility for the $7,500 federal tax credit, might keep the South Korean EV below its initial expectations.

Meanwhile, Hyundai’s EV lineup will be strengthened in 2023 by the all-new Hyundai Ioniq 6, which will join the Ioniq 5 and the Kona Electric.

Unfortunately, the official stats do not include the sales results of other all-electric or plug-in hybrid models (Kona Electric, IONIQ Electric, IONIQ Plug-In, Santa Fe PHEV and Tucson PHEV), as they are counted together with conventional or non-rechargeable hybrids.

The hydrogen fuel cell model – Hyundai Nexo – noted 8 units (down 83%) and 383 year-to-date (down 3%). There is not much progress in the FCEV segment and there is a big chance that sales of the Nexo in 2022 will be lower than in 2021.

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