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Photo = Hyundai Motor Group |
[Alpha Biz= Kim Jisun] Hyundai Motor will temporarily suspend domestic production of its electric vehicles, the IONIQ 5 and Kona EV, due to declining demand.
According to the auto industry on Tuesday, Hyundai will halt operations at Line 12 of its Ulsan Plant 1 from April 24 to 30, effectively placing it on temporary shutdown.
The decision comes as inventory piles up amid a sharp decline in April orders for the IONIQ 5 and Kona EV. The drop is largely attributed to the reduction or elimination of EV subsidies in key markets such as Europe, Canada, and the United States, as well as the impact of recent U.S. tariff policies.
This is not the first time Hyundai has paused production of its electric vehicles. In February, the company also suspended manufacturing for about five days due to a temporary slowdown in EV demand.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
