Hyundai IONIQ 5 sales double amid record November sales

Hyundai achieved its best-ever November sales as demand for its fully electric vehicles continues rising. Sales were led by the Hyundai IONIQ 5, up 99% over last year.

For the 16th straight month, Hyundai’s total sales grew in November. Despite claims the EV market is cooling, the South Korean brand continues to see rising demand.

Hyundai sold 2,372 IONIQ 5 models last month, representing 99% growth over last year. The brand has sold over 30,000 IONIQ 5 electric SUVs this year, up 44% compared to ~21K last year at this time.

The company also sold 1,386 IONIQ 6 models, up 12% from October. Demand is rising after Hyundai’s dedicated EVs set new October sales records last month.

Hyundai Kona sales were also up 25% in November, but the company does not show how many were electric.

Hyundai’s growing EV sales propelled it to second in the US EV market, behind only Tesla in the third quarter.

Registration data from Automotive News shows Hyundai and Kia claimed 7.5% of the market. Although this is still far from Tesla (57.4%), it was enough to surpass GM’s Chevy (5.9%) and Ford (5.5%).

Hyundai EV sales lead to record November

Hyundai’s global president, Jose Munoz, told Reuters ahead of the LA Auto Show last month the brand is still seeing strong demand for EVs in the US. Munoz said he is “still very bullish” on EVs, highlighting EV sales doubling year-over-year.

The impressive growth comes despite Hyundai EVs not qualifying for the EV tax credit (only through leasing).

Hyundai sweetened the deal by offering a free EV charger with the lease or purchase of a new EV. The deal includes the 2023 or 2024 Hyundai IONIQ 5 or IONIQ 6 or a 2023 Kona electric.

Munoz said last month, “Based on what I see, I need more. If I had more capacity today, I could sell more cars.”

The comments come despite peers, including Ford and GM, delaying EV targets, citing slowing demand.

Hyundai has plans to accelerate the momentum with its first EV and battery plant in the US. The South Korean automaker began construction last October. After pushing development, Hyundai says 99.9% of the foundation work is now complete.

Munoz said the company is “pushing as much as we possibly can to get it ready by October next year.” Once up and running, the $5.5 billion mega plant will enable Hyundai EVs to qualify for the tax credit, which should help boost momentum.

Hyundai’s leader says the brand is “pulling ahead” as Hyundai continues seeing strong demand for its EVs.

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