Hyundai’s Global Sales Down By 1.6 Per cent Following Sluggish Demand

SAUDI ARABIA : The South Korean automaker is beefing up its global production and sales to meet the demands flexibly.

• Global sales for October 2024 reached 371,421 units, marking a 1.6% year-over-year decline.
• The domestic sales of the company rose by 0.9 per cent year-over-year, totaling 64,912 units.
• Overseas sales for Hyundai Motor in October 2024 dropped by 2.1% year-over-year, reaching 306,509 units.
• Jan-October 2024 global sales saw a 1.6% decrease compared to the same period in the previous year.

Hyundai recently announced that its global sales fell by 1.6 per cent in October due to sluggish demand. The South Korean biggest carmaker sold a total of 371,421 units in October, down from 377,332 units in the same period last year.

Similarly, the company also witnessed a fall of 2.1 percent in overseas sales in October, which were 306,509 units as compared to 313,004 units sold in October 2023. In the Korean market, the company managed to register a slight increase of 0.9 per cent in sales, with 64,912 units sold out in October 2024.

SUVs, Genesis brand and EVs witnessing promising growth

Hyundai Motor's SUV lineup saw strong sales in the domestic market last month, with a total of 22,812 units sold, while the Genesis luxury brand continued its upward trend with 10,655 units sold. 

Likewise, in October 2024, Hyundai Motor achieved a significant milestone by selling more than 20,000 electric vehicles (EVs) globally, further solidifying its position as a leader in the EV market.

Hyundai boosting production and sales strategies

In response to market uncertainties, Hyundai Motor is also taking proactive measures to optimize its production and sales strategies to meet changing demand patterns in various regions. 

Building on its recent CEO Investor Day announcements, Hyundai Motors is focusing on increasing profitability by expanding its hybrid and electric vehicle offerings, including the IONIQ models and newly introduced INSTER sub-compact EV.

Additionally, the brand aims to improve its regional and product portfolio, streamline production, and rebalance its product mix to include more SUVs and luxury vehicles.

Region	OCT. ’24	OCT. ’23	YoY Change	SEP. ’24	M/M Change	FY2024	FY2023	YTD Change
Domestic	64,912	64,328	0.9%	55,805	16.3%	580,517	627,847	-7.5%
Overseas	306,509	313,004	-2.1%	287,842	6.5%	2,866,654	2,876,521	-0.3%
Total Global	371,421	377,332	-1.6%	343,647	8.1%	3,447,170	3,504,368	-1.6%