Hyundai Motor's Ioniq 9 defies slump in global EV sales

Hyundai Motor Companys large electric SUV Ioniq 9 Courtesy of Hyundai Motor Company — Hyundai Motor's electric SUV Ioniq 9/ Courtesy of Hyundai Motor Company

SEOUL, August 25 (AJP) - Hyundai Motor’s latest electric sport utility vehicle, the Ioniq 9, has sold nearly 15,000 units worldwide in the six months since its debut, the company said Monday.

The large SUV, a centerpiece of Hyundai Motor Group’s collaboration with battery maker SK On, recorded 14,391 sales across domestic and international markets through July, the company said. The vehicle was first released in South Korea in February.

The performance stands out against the backdrop of what analysts have dubbed the “EV chasm,” a slowdown in consumer appetite that has forced many automakers to scale back production and delay investment plans. Hyundai sold 4,789 units in South Korea, 4,745 overseas, and 4,857 through its new Metaplant America factory in Georgia.

Exports began in April, and by July, sales abroad had already surpassed domestic deliveries. The model has proved especially popular in the United States, where 2,086 vehicles were sold in just three months despite a broader downturn in EV sales.

Hyundai splits production between its plant in Asan, south of Seoul, which builds export models, and its $7.6 billion Georgia complex, which supplies the American market.

The localized output allows SK On, Hyundai’s battery partner, to take advantage of federal tax credits tied to the Trump administration’s clean energy laws.

SK On operates two battery plants in Georgia and is building a third, a 35-gigawatt-hour joint venture facility with Hyundai.

Analysts see the partnership as strategically significant: Hyundai gains a secure supply of batteries, while SK On deepens its foothold in the critical North American market.

Kim Dong-young davekim0807@ajupress.com