Hyundai and Kia Sell 146,000 Units in U.S. in October... EV Sales Down, HEV Sales Up

IRA Subsidy Ends
Performance Remains Similar to Last Year

Hyundai Motor Group announced on November 3 that the combined U.S. sales of Hyundai Motor Company (including Genesis) and Kia in the previous month reached 146,137 units, marking a 1% decrease compared to the same month last year.

Hyundai Motor Company sold 77,135 units, a 2% decrease, while Kia sold 69,002 units, a 0.1% increase, setting a new record for October sales. Genesis recorded 7,017 units, a 1.7% increase.

Although electric vehicle (EV) sales in the U.S. market declined significantly due to the expiration of subsidies under the U.S. Inflation Reduction Act (IRA), strong sales of hybrid electric vehicles (HEVs) enabled the companies to achieve results similar to last year.

Hyundai Motor Company Santa Fe

With the expiration of the U.S. federal EV tax credit of up to $7,500 at the end of September, EV sales dropped sharply. In October, Hyundai Motor Company and Kia sold a combined total of 3,834 EVs in the U.S., a 61.6% decrease compared to the same month last year. Hyundai Motor Company sold 2,503 units (-58.5%), and Kia sold 1,331 units (-66.4%). The Hyundai Ioniq 5 sold 1,642 units, down 63.5%, while the Kia EV6 sold 508 units, down 70.7%.

In contrast, hybrid electric vehicle sales increased by 43.5% to 31,102 units. Hyundai Motor Company sold 17,773 units, a 36.9% increase, and Kia sold 13,329 units, a 53.2% increase. Hyundai Motor Company sold 2,470 units of the new Palisade Hybrid, while sales of the Elantra Hybrid (2,440 units) rose 86.7% year-on-year, and the Santa Fe Hybrid (4,472 units) increased by 36.3%. Kia’s Niro Hybrid (2,541 units) saw a 101.3% increase, and the Sportage Hybrid (6,846 units) increased by 87.2%.

As a result, total eco-friendly vehicle sales, including both EVs and HEVs, reached 34,938 units, a 10.3% increase compared to the same month last year.

By model, Hyundai Motor Company’s best-selling vehicles were the Tucson (23,036 units), Santa Fe (11,800 units), and Elantra (10,224 units). For Kia, the top sellers were the Sportage (16,057 units), K4 (9,955 units), and Telluride (8,571 units).