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Corporate Information Hyundai Motor Reports February 2024 Global Sales
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Corporate Information Hyundai Motor Reports February 2024 Global Sales
Hyundai Motor Reports February 2024 Global Sales
SEOUL, March 4, 2024 – Hyundai Motor Company today announced global sales of 314,909 units in February 2024, a 4.1 percent year-over-year decrease.
Thanks to solid sales momentum for the brand in North America, Europe and India, sales outside South Korea increased by 1.5 percent in February to 267,256 units.
In South Korea, due to the temporary suspension of production at Hyundai Motor’s Asan Plant in South Korea, which is revamping its facilities for electric vehicle (EV) production, and line maintenance work at its third plant in Ulsan, Hyundai Motor sold 47,653 units in February, a decrease of 26.7 percent compared with the same month last year.
In addition, a reduction in the number of business days in February due to the Lunar New Year holiday and the delayed announcement of subsidies for electric vehicles (EVs) impacted sales in South Korea.
However, Hyundai Motor expects demand to rebound following its factories resuming vehicle production and confirmation of EV subsidies in the Korean market.
Hyundai Motor’s SUV models collectively sold 18,299 units in the domestic market last month, while the Genesis luxury brand maintained solid momentum, with sales of 10,582 units.
In 2024, Hyundai Motor is aiming to achieve global sales of 4.24 million units, including its Genesis luxury brand. The company will optimize its product portfolio and vehicle supply management for each region, targeting the sale of 3.54 million units in overseas markets and 704,000 units in South Korea.
The company plans to take the lead in electrification and focus on optimizing profitability by strengthening its global EV production infrastructure, including Hyundai Motor Group Metaplant Georgia, which is expected to open in the fourth quarter this year, establishing flexible business strategies to adapt to market changes, and reinforcing preemptive risk management capabilities.
■ Sales Results (Units)
| Subject | Feb. ’24 | Feb. ’23 | Y/y Change | Jan. ’23 | M/M Change | 2024 YTD | 2023 YTD | YTD Change |
| Korea | 47,653 | 60,515 | -26.70% | 49,810 | -4.3% | 97,463 | 116,518 | -16.4% |
| Outside of Korea | 267,256 | 263,293 | 1.5% | 268,046 | -0.3% | 535,302 | 521,913 | 2.6% |
| Global | 314,909 | 328,308 | -4.1% | 317,856 | -0.9% | 632,765 | 638,431 | -0.9% |
* Monthly sales figures provided in this press release are unaudited and on a preliminary basis.
1. Sales in South Korea are based on retail sales while overseas sales (global sales excluding South Korea) are based on wholesales.
2. Sales results include sedan, SUV and CV models produced by Hyundai Motor.
3. This press release contains forward-looking statements that are based on current expectations about possible future events. Our actual results may differ due to a variety of factors.
Disclaimer: Hyundai Motor Group believes the information contained herein to be accurate at the time of release. However, the company may upload new or updated information if required and assumes that it is not liable for the accuracy of any information interpreted and used by the reader.
About Hyundai Motor Company
Established in 1967, Hyundai Motor Company is present in over 200 countries with more than 120,000 employees dedicated to tackling real-world mobility challenges around the globe. Based on the brand vision ‘Progress for Humanity,’ Hyundai Motor is accelerating its transformation into a Smart Mobility Solution Provider. The company invests in advanced technologies such as robotics and Advanced Air Mobility (AAM) to bring about revolutionary mobility solutions, while pursuing open innovation to introduce future mobility services. In pursuit of sustainable future for the world, Hyundai will continue its efforts to introduce zero emission vehicles equipped with industry-leading hydrogen fuel cell and EV technologies.
More information about Hyundai Motor and its products can be found at:
https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai
