Hyundai Kia Sees Strong US Sales Last Month... Toyota and Honda Falter
Hyundai Motor Group continued its upward trend last month in the United States by increasing sales by double digits.
According to the sales performance released on the 1st (local time) by Hyundai Motor and Kia's local subsidiaries, a total of 122,111 units were sold, marking an increase of about 16% compared to the same period last year. Hyundai Motor sold 57,044 units, and the luxury brand Genesis sold 4,208 units, increasing by approximately 9% and 21% respectively during the same period. Kia sold 60,859 units, up 24%.
While increasing local production of certain models such as Telluride, export volumes from Korea were also increased to meet demand in the U.S. In the case of electric vehicles, considering that subsidies have not yet been confirmed in Korea, which has hindered smooth sales, some of the supply was redirected for export.
Based on historical February sales records, both Hyundai Motor and Kia achieved their best results ever. Sales in the U.S. have increased for seven consecutive months compared to the same period last year.
Since electric vehicles are not produced locally and thus do not qualify for tax credit benefits, some of the volume was shifted from individual customers to corporate sales. The company stated that fleet sales account for about 7%. Fleet sales, which supply rental cars or government agencies, are less profitable than sales to individual customers. However, in the case of electric vehicles, tax credit benefits are possible even if they are not produced locally.
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Japanese brands competing with Hyundai Motor Group saw a slight decrease in sales. Toyota sold 158,710 units, down about 2% during the same period, and Honda sold 83,247 units, decreasing by about 1%. Industry insiders believe that the new car sales market is in the process of recovering to past levels, with incentive costs gradually rising and new car inventory increasing.
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