Hyundai Motor America has reported strong performance in Q3 2024, setting new retail sales records driven by robust demand for its electric vehicles (EVs) as the company continues its shift towards electrification.

According to Hyundai, the company achieved its best-ever Q3 retail sales, with total vehicle sales reaching nearly 211,000 units, marking a 5% increase from Q3 2023. This growth was largely attributed to the popularity of the all-electric IONIQ 5 and the company’s hybrid models.

Randy Parker, CEO of Hyundai Motor America, stated, “We set an all-time retail sales record in the third quarter thanks to strong demand for our IONIQ 5 and hybrid models, along with the hard work of our retail partners.”

The IONIQ 5, Hyundai’s flagship electric SUV, has solidified its position as one of the best-selling EVs in the U.S. market. In Q3 alone, Hyundai sold 11,590 IONIQ 5 models, bringing the total sales for 2024 to 30,318 units. This represents a significant 20% increase compared to the same period in 2023.

Hyundai’s hybrid models also saw remarkable growth. In September, hybrid vehicle total sales jumped by 36%. These figures underscore the growing consumer appetite for electrified vehicles across different segments.

While the IONIQ 5 continues to shine, the IONIQ 6 sedan has faced challenges. Despite a 9% year-to-date increase in sales, the model experienced a 57% decline in Q3, with only 2,185 units sold. This performance reflects the broader market trend favoring SUVs over sedans.

One of the most anticipated releases is the updated 2025 IONIQ 5, which will be the first vehicle produced at Hyundai’s new Georgia EV plant. This refreshed model promises to deliver an increased driving range, a rugged XRT trim option, and will feature a Tesla North American Charging Standard (NACS) port for improved charging convenience.

In terms of tax incentives, the U.S.-built IONIQ 5 is expected to initially qualify for a partial tax credit of $3,750. However, there is potential for the full $7,500 credit once Hyundai meets the necessary battery sourcing requirements. This makes the IONIQ 5 an attractive option for consumers looking to maximize their savings on an electric vehicle.

In addition, Hyundai plans to launch its first three-row electric SUV, the IONIQ 9, later this year. This introduction will expand the company’s EV lineup, positioning it to compete in the rapidly growing large electric SUV segment.

Amidst its sales success, Hyundai has also achieved several notable milestones that reflect its industry standing. The Hyundai Motor Company recently celebrated a significant achievement by producing its 100 millionth vehicle globally, accomplishing this remarkable feat in just 57 years.

Read More: Hyundai Reaches 100 Million Vehicles: A Milestone Marked by the IONIQ 5 EV

With new models on the horizon and increased U.S. production capacity, Hyundai aims to close 2024 strong and set another all-time annual sales record for the brand.

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