While overseas sales of 267,256 units including 50,701 units in India were up 1.5% YoY, a sharp 27% decline in the home market of Korea drags overall numbers down.
05 Mar 2024 | 4077 Views | By Autocar Professional Bureau
Hyundai Motor Company has sold a total of 314,909 vehicles in February 2024, down 4.1 percent year-on-year from the same month last year, including 47,653 units in Korea and 267,256 units overseas. Compared to February 2023, domestic market (Korea) sales decreased by 26.7 percent, while overseas sales increased by 1.5 ...
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Hyundai Motor Company has sold a total of 314,909 vehicles in February 2024, down 4.1 percent year-on-year from the same month last year, including 47,653 units in Korea and 267,256 units overseas. Compared to February 2023, domestic market (Korea) sales decreased by 26.7 percent, while overseas sales increased by 1.5 percent.
Korea sales down 26.7% to 47,653 units
Hyundai sold a total of 47,653 vehicles in the domestic market in February 2024, down 26.7% year-on-year. The suspension of production of some models such as Grandeur and Avante due to the construction of electric vehicle facilities at the Asan plant and the line rationalization work at the Ulsan Plant 3 is the main reason for the decline in sales.
Also, the number of working days decreased compared to last year, when the Lunar New Year holiday was in January, and the fact that electric vehicle sales did not actually take place due to the announcement of electric vehicle subsidies later than usual also affected domestic sales in February.
Overseas sales up 1.5% to 267,256 units, Hyundai India contributes 19%
Hyundai sold 267,256 vehicles in overseas markets in February 2024, up 1.5% from the same month last year. Hyundai Motor India, with sales of 50,701 units in February (up 7%) and best-ever monthly sales of the Creta midsize SUV, contributed 19% to Hyundai Motor Co’s overseas sales and 16% to global sales last month
According to the company, with the completion of the EV facility construction at the Asan plant and the line rationalisation work at the Ulsan Plant 3 in Korea, vehicle production has normalised and the EV subsidy has been confirmed, so it expects the deferred demand to be resolved and sales to increase again in March 2024.
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