....With exception of China (being the outlier), EV sales are...

....With exception of China (being the outlier), EV sales are contracting across brands and geography outside of China.

....Contracting means negative growth.

....This even before a recession.

.....Winter hibernation for EV/Lithium will be protracted.

... as I stated, my confidence is greater than we would see a market correction before we see an EV/Lithium turnaround.
Hyundai Motor Group's Global EV Sales Slowed Down In H1 2024

Hyundai and Genesis' global wholesale sales decreased 30%, while the Ioniq 6 lost nearly two-thirds of its volume.

InsideEVs

Jul 13, 2024 at 5:33pm ET
0

By: Mark Kane


Hyundai Motor Company's global vehicle sales, including the Hyundai and Genesis brands, were down more than 6% year-over-year in June. The end result of 351,516 sales dragged first-half sales about 0.9% compared to the same period last year. Meanwhile, despite strong U.S. sales, Hyundai's EV game is down by double digits globally.

It's a challenging time for the South Korean manufacturer, which noted a significant decrease in all-electric and plug-in hybrid car sales. June was the eighth consecutive month of year-over-year decline. This is despite the global EV market expanding, albeit unevenly and hampered by things like high interest rates and tough competition from Chinese brands in certain markets.
Get Fully Charged
Hyundai EV sales decreased by 30% in H1 2024
All major Hyundai electric cars noted a decrease in sales during the first half of the year. The manufacturer intends to boost its results with the upcoming affordable Inster (aka Casper EV) model.
Last month, Hyundai and Genesis plug-in cars' combined wholesale shipments, which are closely related to production, amounted to 21,028, down 34% year-over-year. That figure includes retail sales in South Korea plus overseas sales, based on wholesales at the manufacturer level. (Both are unaudited and preliminary.) We estimate that the volume represents about 6.0% of the automaker's total sales volume compared to 8.5% a year ago.


The wholesale volume of all-electric cars decreased by 34% to 17,217, including 16,193 Hyundai, down 34% year-over-year, and 1,024 Genesis, down 33% year-over-year. The company reports that its global all-electric car sales exceeded 18,000, which was slightly higher than the wholesales.

Hyundai Tucson PHEV
Meanwhile, plug-in hybrid car volume decreased at a similar rate as all-electric car volume. It amounted to 3,811 and was down 34% year-over-year. Hydrogen fuel cell sales have been down for 15 straight months and for two months do not include any exports.
Wholesale plug-in car sales last month (YOY change):

• BEVs: 17,217 (down 34%) and 4.9% share
  Hyundai BEVs: 16,193 (down 34%)
  Genesis BEVs: 1,024 (down 33%)
• PHEVs (Hyundai): 3,811 (down 34%) and 1.1% share
• Total plug-ins: 21,028 (down 34%) and 6% share
• FCVs (Hyundai): 294 (down 5%) and 0.1% share

Hyundai And Genesis Plug-in Car Wholesale Sales – June 2024


So far this year, the plug-in electric car wholesale shipments amounted to 122,120, down 30% year-over-year.
Wholesale plug-in car sales year-to-date (YOY change):

• BEVs: 102,182 (down 30%) and 5% share
  Hyundai BEVs: 96,742 (down 28%)
  Genesis BEVs: 5,440 (down 53%)
• PHEVs (Hyundai): 19,938 (down 30%) and 1% share
• Total plug-ins: 122,120 (down 30%) and 5.9% share
• FCVs (Hyundai): 1,472 (down 53%) and 0.1% share

For reference, in 2023, plug-in electric car wholesale shipments exceeded 309,000 (up 29% compared to 2022). All-electric car volume almost reached 260,000, up 33% year-over-year, accounting for 6.2% of the total volume.
Interestingly, in the U.S., Hyundai increased all-electric car sales during the first half of 2024 by 52% year-over-year.