알파경제 - Hyundai Motor to Halt IONIQ 5 and Kona EV Production Again Amid Global EV Slump

Photo = Hyundai Motor

[Alpha Biz= Kim Jisun] Hyundai Motor Company is set to suspend operations at its Ulsan Plant 1, Line 12 — the production line dedicated to the IONIQ 5 and Kona Electric (EV) — for three days from June 25 to 27, due to sluggish global electric vehicle (EV) sales, industry sources reported on June 23.



This marks the fourth production halt at the plant in 2024 alone. Hyundai previously suspended EV production for five days in February, approximately a week in April, and another four days in May.



The recurring production halts are primarily attributed to weak global EV demand, which has led to reduced order volumes. Despite Hyundai’s efforts to stimulate domestic sales through discounts and drive overseas sales with zero-interest financing promotions, results have yet to improve meaningfully.



Amid growing concerns over job stability and plant utilization, labor union members at the Ulsan facility are urging the company to assign new models to Line 12 to secure consistent workloads.



The continued downturn in EV sales reflects broader industry trends, with consumers showing increased hesitancy toward electric vehicles due to factors such as limited charging infrastructure and high prices.

알파경제 Kim Jisun (stockmk2020@alphabiz.co.kr)