Hyundai 14%, Kia 22% Decrease Respectively
Overall September Sales Increase Compared to Same Month Last Year
[Asia Economy Reporter Kiho Sung] The feared impact of the United States' Inflation Reduction Act (IRA) appears to be materializing.
According to Hyundai Motor America (HMA) on the 4th, since the full implementation of the Inflation Reduction Act, Hyundai Motor Group's electric vehicle sales in the U.S. significantly declined compared to the previous month.
In September alone, 1,306 units of the electric vehicle Ioniq 5 were sold. This is 211 units (14%) less than the 1,517 units sold in August. Compared to July's 1,984 units (including Ioniq), sales dropped by more than 30%.
Kia's electric vehicle EV6 also sold 1,440 units in September. This is 400 units (22%) less than the 1,840 units sold in August. The EV6 had sold 1,716 units in July.
Since both Hyundai's Ioniq 5 and Kia's EV6 are produced in Korea and exported to the U.S., they were excluded from subsidy eligibility under the Inflation Reduction Act, leading to expected export setbacks.
Meanwhile, unlike the electric vehicle situation, the total number of vehicles sold by Hyundai and Kia in the U.S. market in September continued to increase compared to the same month last year.
Hyundai sold 59,465 units in the U.S. last month, an 11% increase compared to the same period a year ago. The Tucson was the best-selling model with 12,971 units, up 31%, and the Santa Fe sold 9,192 units, a 40% increase. The cumulative sales for the third quarter reached 184,431 units, a 3% increase from the same period last year, marking the highest third-quarter performance.
Kia sold 56,270 units in September, a 6% increase compared to the same month last year, marking the highest September sales ever. Sales from July to September (184,808 units) also set a record for the highest third-quarter sales. The Sportage was the most popular, selling 12,412 units, an 88% increase from last year, and the Sorento also increased by 79%, selling 7,350 units.
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