Second Highest Sales Record in History... Holding Up Well Despite Market Decline
[Asia Economy Reporter Yoo Hyun-seok] Hyundai Motor and Kia sold more than 1.4 million units in the United States last year, marking the second-highest sales record ever. Despite the overall new car market shrinking by more than 10%, they minimized the decline and performed well. Operating multiple factories locally, they closely trailed Stellantis, the fourth-ranked maker, by just tens of thousands of units.
According to data released on the 4th (local time) by each company's U.S. subsidiary, Hyundai Motor and Kia sold a total of 1,474,224 units in the U.S. last year, a 1% decrease compared to the previous year. This is similar to the record-high sales volume of 1,489,118 units in 2021.
The U.S. is the largest single market among the regions where Hyundai Motor and Kia operate. Although they only sell passenger cars, they sell more than in South Korea, where their headquarters are located. In South Korea, including large trucks, buses, and special vehicles as well as passenger cars, about 1.23 million units were sold last year.
Hyundai Motor sold 724,265 units (including Genesis) in the U.S. market, a 0.9% decrease compared to 2021. The best-selling models were Tucson (175,307 units), Santa Fe (119,589 units), and Avante (117,177 units).
Kia sold 693,549 units, a 1.1% decrease from the previous year. The top-selling models were Sportage (125,245 units), K3 (108,424 units), and Telluride (99,891 units).
Genesis sold 56,410 units, marking its highest annual sales. The previous record was 49,621 units in 2021.
Hyundai Motor and Kia sold a total of 182,627 eco-friendly vehicles in the U.S. market last year, a 65.1% increase compared to the previous year. Of these, Hyundai Motor sold 98,443 units, up 31.2%, while Kia sold 84,184 units, up 136.3%.
The Ioniq 5, built on the dedicated E-GMP platform, was the best-selling model with 22,982 units. It was followed by the EV6 (20,498 units) and GV60 (1,590 units).
Randy Parker, CEO of Hyundai Motor America, said, "Thanks to strong December results, Hyundai Motor achieved a retail sales record for five consecutive months," adding, "We were able to secure significant market share through cooperation with dealers, regions, and partners."
According to foreign media aggregations such as Automotive News, the U.S. new car market shrank by about 10% compared to 2021. The impact of supply shortages due to production disruptions caused by the Russian invasion was significant. Stellantis, which owns many local brands such as Chrysler, Dodge, Jeep, and Ram, sold 1,553,485 units last year, less than 80,000 units more than Hyundai Motor and Kia.
A notable change among the top local makers is that General Motors (GM) overtook Toyota to reclaim the number one spot. GM sold 2,258,283 units, a 2.5% increase from a year earlier. Toyota sold 2,108,455 units, down 9.6%. Ford, which ranked third in 2021, has not yet released its sales figures for last year.
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