Hyundai Motor Company is temporarily suspending operations at its Ulsan electric vehicle line that produces the electric vehicles "Ioniq 5" and "Kona Electric." This comes as global electric vehicle demand continues to wane.
According to industry sources on the 20th, Hyundai Motor Company has decided to suspend operations at Ulsan Plant 1 Line 2 from the 27th to the 30th. This line produces the Ioniq 5 and Kona Electric.
In an internal company memo, Hyundai Motor Company noted, "Despite our continuous explanations since early May regarding the shortage of production volume, the reality is that the sales slump in the global electric vehicle market has not improved."
This marks the third time this year that Hyundai Motor Company has halted production line operations. In February and April, the Ulsan Plant 1 Line 2 operations were each suspended for about five days due to the global electric vehicle sales slump.
Hyundai Motor Company has been striving to boost sales through promotional activities such as price discounts, but customer demand is reportedly not supporting these efforts. Earlier this month, a promotion was held offering discounts of up to 6 million won on the Ioniq 5.