Hyundai Pauses EV Production Amid Slow Demand, Says Report

...Source: https://insideevs.com/news/757054/hyundai-ev-production-pause-korea-weak-demand/ Transcript: Per InsideEVs, Hyundai is pausing production of its Ioniq 5 and Kona Electric models at its Ulsan plant in South Korea for a week starting April 24. The move comes as demand for electric vehicles in the U.S., Canada, and Europe continues to soften.

Hyundai’s European EV sales have struggled, especially with the Ioniq 5 and Ioniq 6 missing the region’s top 20 list last year. The Kona Electric fared a bit better, landing at 14th with around 36,500 units sold. In the U.S., however, things looked more optimistic—Hyundai moved over 44,000 Ioniq 5s in 2024, a 31% jump from the year prior.

While Ioniq 5 production is split between the Ulsan plant and Hyundai’s Metaplant in Georgia, the Kona Electric is primarily exported from South Korea, making the Ulsan pause more impactful for international supply.

Despite promotional efforts like zero-interest financing and down payment help in places like Germany and the U.K., Hyundai hasn’t seen the sales boost it was hoping for. This marks the second time this year the company has suspended EV production in Ulsan, pointing to ongoing demand concerns.

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