Hyundai Motor Group's Sales Increased in the US... But Ioniq and EV6 Dropped Sharply
[Asia Economy Reporter Hyunseok Yoo] Hyundai Motor and Kia saw a significant increase in their U.S. sales volume in November. The effects of new models and the easing of semiconductor supply issues contributed to this growth. However, sales of their main electric vehicles declined.
According to Hyundai Motor Group on the 2nd, Hyundai Motor and Kia sold 68,310 units (including Genesis) and 56,703 units respectively in the U.S. in November. This represents a year-on-year increase of 38.4% and 25.1%, respectively. Overall, the total was 120,013 units, up 32.1%.
By model, Hyundai’s Tucson was the best-selling with 16,059 units. This was followed by the Avante and Santa Fe with 11,040 and 10,955 units, respectively. For Kia, the Sportage led with 10,554 units, followed by the K3 and Telluride with 9,725 and 8,558 units, respectively.
Hyundai Motor Group attributed the sales increase to the new model effect from vehicles such as the Ioniq 5, Santa Cruz, Niro, and Sportage, along with increased sales of popular models due to the easing of semiconductor supply shortages. As a result, Hyundai Motor and Kia have seen year-on-year sales growth for four consecutive months since August.
On the other hand, electric vehicle sales declined. This appears to be influenced by the Inflation Reduction Act (IRA).
Hyundai’s electric vehicle Ioniq models recorded sales of 1,193 units in November (1,191 units of Ioniq 5 and 2 units of Ioniq). This is a 24.5% decrease compared to the 1,580 units sold in October.
The Inflation Reduction Act was signed into law and enacted immediately on August 16 by U.S. President Joe Biden. Since then, except for October (1,580 units), Ioniq sales have shown a declining trend with 1,517 units in August and 1,306 units in September.
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Meanwhile, Kia’s electric vehicle EV6 sold only 641 units in November, falling short of 1,000 units. This is a 46% decrease compared to the 1,186 units sold in October. Sales in August and September were 1,840 and 1,440 units, respectively.
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