Hyundai Motor Co. will temporarily suspend production of its Ioniq 5 and Kona Electric models, as weakening electric vehicle (EV) demand continues to impact sales. (Image courtesy of Yonhap)
SEOUL, Feb. 7 (Korea Bizwire) – Hyundai Motor Co. will temporarily suspend production of its Ioniq 5 and Kona Electric models, as weakening electric vehicle (EV) demand continues to impact sales, according to industry sources Friday.
According to the sources, Hyundai Motor will halt operations of Line 12 at its Ulsan Plant 1 in South Korea from Feb. 24-28 to adjust production volumes amid sluggish domestic sales and declining orders.
The line is used in producing the Ioniq 5 and the Kona Electric.
Hyundai Motor sold only 75 Ioniq 5 units last month domestically, with total domestic sales for 2024 reaching around 16,600 units, falling short of market expectations.
The automaker has recently introduced discounts and other incentive schemes to stimulate demand.
Industry experts note the cooling EV market, combined with policy uncertainties under the second Donald Trump administration in the United States, could lead to a prolonged global demand slowdown.
(Yonhap)
