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Hyundai has decided to temporarily suspend production of its Ioniq 5 electric car due to low demand. According to South Korean media reports, the production lines of the Ioniq 5 and Kona Electric will be idle from February 24 to 28. The reason for this move is the decline in sales of electric cars amid growing competition from Chinese manufacturers, informs Autopilot.
The Hyundai Ioniq 5, which has won multiple awards, including the World Car of the Year title, was sold just 75 times in South Korea in January of this year. This indicates a significant decline in interest in the model in the domestic market. According to insiders, the Hyundai Ioniq 5 and Kona Electric production lines are already operating in “kongpichi” mode, which means a formal launch of the line without actual production.
Despite its achievements, the Ioniq 5 is not very popular at home. In January, sales of this model did not even reach 100 units. Demand for other electric cars also leaves much to be desired. To stimulate interest in its products, Hyundai announced discounts across the country, reaching five million won.
The Ioniq 5's sales situation is also causing concern in the United States, where the model is also produced. Hyundai management, in an internal letter cited by the Korea Herald, reported a drop in sales and expressed concerns about the situation worsening further due to Donald Trump's policies.
Against the backdrop of these events, information has emerged that the Hyundai-Kia concern is considering a return to the Russian market. However, this will be a difficult task, as the market is already flooded with Chinese cars, and the option to buy back the St. Petersburg plant from AGR expires in 2025.
