Hyundai sold 268,785 EVs last year as demand for the IONIQ 5 and IONIQ 6 picked up. The South Korean automaker plans to strengthen its leadership in the EV market, with new models gaining momentum.
Hyundai sold 268,785 EVs in 2023
During the last three months of 2023, Hyundai sold over 57,975 electric vehicles globally. With this, Hyundai’s global EV sales reached 268,785 in 2023.
Hyundai attributed the growth to higher sales of its dedicated IONIQ EVs. Based on Hyundai’s E-GMP platform, designed specifically for EVs, the IONIQ 5 and IONIQ 6 are gaining ground despite rising competition.
The company saw solid sales growth across key markets, including North America, Europe, and India.
Despite higher demand for its EVs, Hyundai is warning of “uncertainty in the business environment.” Hyundai cited external factors such as interest rates for the downbeat outlook.
The automaker said risk factors such as increased exchange rate volatility and higher costs due to rising competition could lead to uncertainty.
Meanwhile, Hyundai said it expects the global auto market to continue growing in the future as the shift to electric heats up. Hyundai is expanding its EV brand as it looks to increase awareness around its IONIQ series.
2024 Hyundai IONIQ 5 (Source: Hyundai)
Carrying the EV momentum into 2024
The automaker expects EV sales to continue growing in 2024. Hyundai expects to sell around 300,000 electric cars in 2024, or about 12% growth from last year.
Hyundai said its investment plans for 2024 include increasing the number of mass-produced models and building its new EV plant in Georgia while continuing to develop future tech.
2024 Hyundai IONIQ 6 Limited (Source: Hyundai)
The company said 99.9% of the foundation work was completed on its massive $5.5 billion EV and battery plant in late October.
Hyundai accelerated construction to take advantage of government incentives like the $7,500 tax credit. Despite its vehicles not qualifying for the tax credit (only through leasing), Hyundai Motor (including sister company Kia) surged past Ford and GM for second in US electric vehicle sales in 2023 behind Tesla.
Hyundai IONIQ 5 (Source: Hyundai)
To make up for the tax credit, Hyundai introduced significant incentives on the IONIQ 5 and 6 models.
For example, Hyundai is offering a $7,500 purchase incentive on the 2024 IONIQ 6. That undercuts the new Tesla Model 3 by $9,300.
2024 Hyundai Kona EV (Source: Hyundai)
Hyundai also introduced the redesigned Kona Electric this year. Starting at $33,000, the 2024 Kona EV is one of the most affordable electric cars on the market. It’s also bigger and more stylish than the previous generation, with faster charging and more range.
Electrek’s Take
Although Hyundai is acknowledging the market is slowing, it still expects EV sales to continue rising. Hyundai continues doubling down on electric vehicles with new technology and unique models built from the ground up.
Despite other automakers like Ford and GM pulling back EV investments, Hyundai has accelerated construction at its GA facility.
The automaker sees an opportunity in the market and looks to take advantage. Hyundai aims to be a top three EV maker by 2030 with 18 new models and two million in sales.
If you’ve been eyeing Hyundai’s electric vehicles, now may be a great time to shop. Hyundai’s EVs are at some of the lowest prices since launching. You can use our links below to find great deals on Hyundai’s EV models at a dealer near you.
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Over the last few days, Elon Musk has been making several statements claiming that autonomous driving systems that use lidar and radar sensors are more dangerous than Tesla’s camera-only computer vision approach because the system gets confused when interpreting data from different sensors.
It’s not only false, Musk told me directly that he agreed that radar and vision could be safer than just vision, right after he had Tesla remove the radars from its vehicles.
Tesla has taken a controversial approach, using only cameras as sensors for driving inputs in its self-driving technology. In contrast, most other companies use cameras in conjunction with radar and lidar sensors.
When Tesla first announced that all its cars produced onward have the hardware capable of “full self-driving” up to level 5 autonomous capacity in 2016, it included a front-facing radar in its self-driving hardware suite.
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However, in 2021, after not having achieved anything more than a level 2 driver assist (ADAS) system with its self-driving effort, Elon Musk announced a move that he called “Tesla Vision”, which consists of moving Tesla’s self-driving effort only to use inputs from cameras.
Here’s what I wrote in 2021 about Musk sharing his plan for Tesla to only use cameras and neural nets:
CEO Elon Musk has been hyping the vision-only update as “mind-blowing.” He insists that it will lead to a true level 5 autonomous driving system by the end of the year, but he has gotten that timeline wrong before.
We are now in 2025, and unlike what Musk claimed, Tesla has yet to deliver on its self-driving promises, but the CEO is doubling down on his vision-only approach.
The controversial billionaire is making headlines this week for a series of new statements attacking Tesla’s self-driving rivals and their use of radar and lidar sensors.
Earlier this week, Musk took a jab at Waymo and claimed that “lidar and radar reduce safety”:
Lidar and radar reduce safety due to sensor contention. If lidars/radars disagree with cameras, which one wins? This sensor ambiguity causes increased, not decreased, risk. That’s why Waymos can’t drive on highways.We turned off radars in Teslas to increase safety. Cameras ftw.
The assertion that “Waymos can’t drive on highways” is simply false. Waymo has been conducting fully driverless employee testing on freeways in Phoenix, San Francisco, and Los Angeles for years, and it is expected to make this technology available to rider-only rides soon.
Tesla is in a similar situation with its Robotaxi: they don’t drive on freeways without an employee supervisor.
Musk later added:
LiDAR also does not work well in snow, rain or dust due to reflection scatter. That’s why Waymos stop working in any heavy precipitation. As I have said many times, there is a role for LiDAR in some circumstances and I personally oversaw the development of LiDAR for the SpaceX Dragon docking with Space Station. I am well aware of its strengths and weaknesses.
It’s not true that Waymos can’t work in “any heavy precipitation.”
Here’s a video of a Waymo vehicle driving by itself in heavy rain:
In comparison, Tesla’s own Robotaxi terms of service mention that it “may be limited or unavailable in inclement weather.”
There’s plenty of evidence that Musk is wrong and misleading with these statements, but furthermore, he himself admitted that radar sensors can make Tesla’s vision system safer.
‘Vision with high-res radar would be better than pure vision’
In May 2021, as Tesla began removing radar sensors from its vehicle lineup and transitioning to a vision-only approach, I was direct messaging (DMing) Musk to learn more about the surprising move.
In the conversation, he was already making the claim that sensor contention is lowering safety as he did this week in new comments attacking Waymo.
He wrote at the time:
The probability of safety will be higher with pure vision than vision+radar, not lower. Vision has become so good that radar actually reduces signal/noise.
However, what was more interesting is what he said shortly after claiming that:
Musk admitted that “vision with high-resolution radar would be better than pure vision”. However, he claimed that such a radar didn’t exist.
In the same conversation, I pointed Musk to existing high-definition millimeter wave radars, but he didn’t respond.
It was still early for that technology in 2021, but high-definition millimeter wave radars are now commonly used by companies developing autonomous driving technologies, including Waymo.
Waymo uses six high-definition radars in its system:
In short, Musk was already concerned about sensor contention in 2021, but he admitted that the problem would be worth solving with higher-definition radars, which already existed then and are becoming more common now.
Yet, he criticizes companies using radar and lidar, which work similarly to high-resolution radars but on different wavelengths, for even attempting sensor fusion.
It’s not impossible because Tesla can’t do it
Part of the problem here appears to be that Musk thinks something doesn’t work because Tesla can’t make it work, and he doesn’t want to admit that others are solving the sensor fusion problem.
Tesla simply couldn’t solve sensor fusion, so it focused on achieving autonomy solely through camera vision. However, those who continued to work on the issue have made significant progress and are now reaping the rewards.
Waymo and Baidu, both of which have level 4 autonomous driving systems currently commercially operating without supervision, unlike Tesla, have heavily invested in sensor fusion.
Amir Husain, an AI entrepreneur who sits on the Boards of Advisors for IBM Watson and the Department of Computer Science at UT Austin, points to advancements in the use of Kalman filters and Bayesian techniques to solve sensor noise covariance.
He commented on Musk’s statement regarding the use of radar and lidar sensors:
The issue isn’t a binary disagreement between two sensors. It generates a better estimate than any individual sensor can produce on its own. They all have a margin of error. Fusion helps reduce this.
If Musk’s argument held, why would the human brain use eyes, ears, and touch to estimate object location? Why would aircraft combine radar, IRST, and other passive sensors to estimate object location? This is a fundamental misunderstanding of information theory. Every channel has noise. But redundancy reduces uncertainty.
Musk’s main argument to focus on cameras and neural nets has been that the roads are designed for humans to drive and humans drive using their eyes and brain, which are the hardware and software equivalent of cameras (eyes) and neural nets (brain).
Now, most other companies developing autonomous driving technologies are also focusing on this, but to surpass humans and achieve greater levels of safety through precision and redundancy, they are also adding radar and lidar sensors to their systems.
Electrek’s Take
Musk painted Tesla into a corner with its vision-only approach, and now he is trying to mislead people into thinking that it is the only one that can work, when there’s no substantial evidence to support this claim.
Now, let me be clear, Musk is partly correct. When poorly fused, multi-sensor data introduces noise, making it more challenging to operate an autonomous driving system.
However, who said that this is an unsolvable problem? Others appear to be solving it, and we are seeing the results in Waymo’s and Baidu’s commercially available rider-only taxi services.
If you can take advantage of radar’s ability to detect distance and speed as well as work through rain, fog, dust, and snow, why wouldn’t you use it?
As he admitted in the DMs with me in 2021, Musk is aware of this – hence why he acknowledged that high-resolution radar combined with vision would be safer than vision alone.
The problem is that Tesla hasn’t focused on improving sensor fusion and radar integration in the last 4 years because it has been all-in on vision.
Now, Tesla could potentially still solve self-driving with its vision system, but there’s no evidence that it is close to happening or any safer than other systems, such as Waymo’s, which use radar and lidar sensors.
In fact, Tesla is still only operating an autonomous driving system under the supervision of in-car employees with a few dozen cars, while Waymo has been doing rider-only rides for years and operates over 1,500 autonomous vehicles in the US.
Just like with his “Robotaxi” with supervisors, Musk is trying to create the illusion that Tesla is not only leading in autonomy, but it is the only one that can solve it.
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Trump’s Interior Department halted construction on 704 megawatt (MW) Revolution Wind, the US’s first multi-state offshore wind project that’s already 80% complete. Grid operator ISO New England says the decision is a threat to the grid.
ISO New England released a statement responding to the stop-work order, warning that “delaying the project will increase risks to reliability.”:
As demand for electricity grows, New England must maintain and add to its energy infrastructure. Unpredictable risks and threats to resources – regardless of technology – that have made significant capital investments, secured necessary permits, and are close to completion will stifle future investments, increase costs to consumers, and undermine the power grid’s reliability and the region’s economy now and in the future.
Revolution Wind, a joint development between Ørsted and BlackRock’s Global Infrastructure Partners, is a 65-turbine project capable of powering around 350,000 homes in Rhode Island and Connecticut once it’s complete. It was expected to come online next year. The project has created more than 1,200 jobs.
On August 22, the director of Bureau of Ocean Energy Management sent a vague letter to Ørsted commanding it to halt all activities on the fully permitted Revolution Wind, citing “national security interests,” yet providing no details.
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BOEM’s Record of Decision for Revolution Wind, reported in 2023 in Section 4.6, page 185, states that the national security effects of the project would be “negligible and avoidable.”
This latest move echoes Trump’s cancellation in April of New York’s $5 billion Empire Wind 1 project, which was already under construction off New York’s coast. No viable reasons were given for that stop-work order either, and the cancellation was reversed in May.
Kit Kennedy, managing director for power at Natural Resources Defense Council (NRDC), released the following statement in response to the Revolution Wind order:
The Trump administration’s war on the electricity needed to power the grid continues on all fronts. Halting Revolution Wind is a devastating attack on workers, on electricity customers, and on the investment climate in the US.
New England homeowners will feel this when they tear open their electricity bills and look at the surging costs of keeping the lights on.
This administration has it exactly backwards. It’s trying to prop up clunky, polluting coal plants while doing all it can to halt the fastest growing energy sources of the future – solar and wind power.
It makes no sense to say we have an energy emergency and then make decisions like this. Unfortunately, every American is paying the price for these misguided actions.
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Tesla is teasing a new product release on Friday, August 29th, coming to Europe and the Middle East. It’s likely going to be the Model Y Performance.
On X today, Tesla has teased an upcoming product release coming this friday.
The post is cryptic. It only mentions ‘spoiler alert’ and the date August 29 with what looks like a close up of a vehicle with what appears to be a spoil – hence the “spoiler alert” reference:
There are main suspect is the Model Y Performance due to the spoiler reference.
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Since the Model Y refresh in January, Tesla stopped selling the Model Y Performance. It is due to launch the top performance version under the new design.
When Tesla released the Model 3 refresh in 2024, it took about 4 months for Tesla to launch the new performance version.
Electrek’s Take
The only thing that I find strange with this likely being the Model Y Performance is the fact that they tweeted this from the Europe and Middle East account.
It would be strange for the Model Y Performance to launch there first, but who knows. Maybe Tesla started production at Gigafactory Berlin first.
I don’t think this will have a major impact on Tesla’s business. The Model Y Performance is the least popular version of the best-selling Model Y.
We don’t have the full mix of sales, but I wouldn’t be suprised if it represents less than 10% of Tesla’s Model Y deliveries.
The Model 3 Performance is probably a more popular option within the Model 3 lineup as it is a lot more fun to drive.
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