Hyundai Motor is set to temporarily halt production of the Ioniq 5 and Kona EVs at its Ulsan facility beginning April 24, attributed to decreasing demand primarily in Europe, Canada, and the United States. The decision comes as the EV market in Europe sees challenges, with the Ioniq 5 and Ioniq 6 not finding significant sales success. Although better performance was noted in the U.S. for Ioniq 5, overall sales strategies like financing assistance have not yielded desired results, prompting the production pause.
Hyundai will temporarily halt production of the Ioniq 5 and Kona EVs at its Ulsan plant due to weakening demand in various global markets.
Hyundai's efforts to increase sales in North America through zero-interest financing and down payment assistance haven't been as effective as expected.
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