KB News Desk
Hyundai Motor Group posted record US sales in July as surging demand for hybrids offset a steep decline in electric-vehicle sales.
Hyundai Motor and Kia sold a combined 165,284 vehicles in the US last month, up 5 percent from a year earlier, the group said Monday. Both automakers set July sales records.
Hyundai’s sales, including its luxury Genesis brand, rose 3.7 percent to 89,427 units, while Kia’s increased by 6.7 percent to 75,857.
Hyundai’s Tucson was its bestselling model, with sales rising 20.2 percent to 19,714 units. Elantra sales jumped 38.5 percent to 17,115, while the Santa Fe recorded 13,373.
At Kia, SUVs led the growth. Sportage sales climbed 11.7 percent to 16,083 units, while Telluride sales rose 13.5 percent to 11,816. Sales of the Carnival minivan surged 22.8 percent to 7,279.
Combined sales of electrified vehicles reached 50,937 units, up 24.7 percent from a year earlier, but the growth came almost entirely from hybrids.
Hybrid sales soared 52.2 percent to 43,727 units. Hyundai sold 22,733 hybrids, up 35 percent, while Kia’s hybrid sales jumped 76.6 percent to 20,994.
EV sales moved sharply in the opposite direction following the expiration last year of the $7,500 consumer tax credit under the US Inflation Reduction Act.
Combined EV sales plunged 40.5 percent to 7,210 units. Hyundai’s fell 46.1 percent to 4,545, while Kia’s declined 27.7 percent to 2,665.
Despite the slump, industry observers say Hyundai Motor Group could gain ground as Ford Motor, General Motors and Stellantis scale back their EV ambitions.
During their second-quarter earnings calls, the three US automakers reiterated plans to prioritize new internal combustion engine models while providing few updates on their EV businesses.
“The US automakers seem to be more focused on cost-cutting schemes to defend their margins,” said Lee Ho-geun, an automotive engineering professor at Daeduk University.
“Against this backdrop, Hyundai could continue improving profitability by expanding hybrid sales, avoiding an aggressive EV push and using the opportunity to increase the market share of its flagship EV models.”
