Hyundai Ioniq 5 Sales Hit New U.S. Record In Q2 2024
2024 Hyundai Ioniq 5 N Review
Overall, EV total sales increased 33% during the first half of the year.
June was a challenging month for Hyundai Motor America, as its total U.S. sales decreased by 2.5% year-over-year to 67,631. However, its all-electric car sales continued to increase, with the Ioniq 5 setting a new quarterly record.
Last month, Hyundai sold 4,669 electric cars based on its E-GMP platform in the U.S., almost 9% more than a year ago. That's about 6.9% of the brand's total volume.
This figure includes 3,755 Ioniq 5s (up 20% year-over-year) and 914 Ioniq 6s (down 21%). The South Korean manufacturer does not report the Hyundai Kona Electric sales, which are counted together with the internal combustion Kona. It is also unclear how many performance-focused Ioniq 5 Ns were sold, as the automaker doesn't break those sales out separately.
In recent months, Hyundai has promoted aggressive lease deals on the Ioniq 5 and Ioniq 6, making the two EVs some of the most affordable cars to obtain right now—agnostic of their powertrain. This was done in part because Hyundai's EVs are left out of the tax credit system because they're made in America, but that credit still applies when the cars are leased. Later this year, the updated 2025 Hyundai Ioniq 5 will be built in the U.S., which should qualify it for the full $7,500 tax credit.
Still, the Ioniq 6's decline—despite the car getting stellar reviews—proves that the U.S. is still an SUV and truck market, and not a sedan market.
Hyundai BEV sales last month (YOY change):
- Hyundai Ioniq 5: 3,755 (up 20%)
- Hyundai Ioniq 6: 914 (down 21%)
- Hyundai Kona Electric: N/A
- Total Ioniq family: 4,669 (up 9%) and 6.9% share
Hyundai Ioniq 5/Ioniq 6 sales in the U.S. – June 2024
During the second quarter of 2024, Hyundai sold 15,172 Ioniq 5s and Ioniq 6s cars in the U.S., 39% more than a year ago. Q2 was especially good for the Ioniq 5, which set a new quarterly record of 11,906 (up 51% year-over-year.)
So far this year, 25,640 Hyundai Ioniq 5s and Ioniq 6s have been sold in the U.S., up 52% year over year and representing about 6.4% of the brand's total volume.
The company says the total EV sales in the year's first half increased by 33% but does not provide an exact number. Again, the Hyundai Kona Electric's sales volume also remains unknown.
Hyundai BEV sales year-to-date (YOY change):
- Hyundai Ioniq 5: 18,728 (up 37%)
- Hyundai Ioniq 6: 6,912 (up 113%)
- Hyundai Kona Electric: N/A
- Total Ioniq family: 25,640 (up 52%) and 6.4% share
For reference, during the full calendar year of 2023, the total sales of the Hyundai Ioniq 5 and Ioniq 6 amounted to 46,917, representing about 5.9% of the automaker's total volume.
Due to the lower base in H1 2023, achieving a solid growth rate in the first half of the year was relatively easy. The new challenge will be to beat the second half of 2023, which resulted in over 30,000 Ioniq 5 and Ioniq 6 sales.
Unfortunately, the official stats do not include the sales results of other plug-in models like the Santa Fe PHEV and Tucson PHEV, as they are counted together with conventional or non-rechargeable hybrids.
The hydrogen fuel cell model, the Hyundai Nexo, sold just seven units last month, down 13% year-over-year. Only 77 have been sold in 2024, down 27% from last year.
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