According to analysts, the market increased to 5.7% in April. Hyundai and Kia posted sales growth in the US for the ninth consecutive month in April, driven by increased inventories and stimulus, signaling that pent-up demand remains healthy even as rising interest rates cool the US economy and consumer confidence. The companies said on Tuesday that Hyundai's sales rose 15% last month, while Kia — up 16%.
Hyundai retail sales rose 5 percent to 64,895 vehicles in April, with a fleet of 5,917 vehicles or 8 percent of total shipments for the month.
Randy Parker, CEO of Hyundai Motor America, attributed the latest results to “strong demand for Hyundai products” and “diverse model range” crossovers, trucks and electrified cars.
Hyundai said it had 49,045 vehicles and light trucks in stock in the US at the end of April, down slightly from 53,119 at the end of March but up sharply from 15,809 at the end of April 2022. Sales of electrified Kia vehicles rose 74% to 11,798 last month, while trucks accounted for 71% of April shipments.<
Genesis sales also rose in double digits, with April sales of 5,857 vehicles , an increase of 16% and a monthly record after higher shipments of the GV70 and GV80, as well as the new GV60 EV. Genesis sales rose for six consecutive months.
Toyota Motor Corp., Honda Motor Co., Subaru and Mazda will report April sales results later Tuesday. Ford Motor Co. and Volvo are due to publish their results on Wednesday. The rest of the industry reports U.S. sales quarterly.
U.S. auto sales rose 8.4 percent in the first quarter, supported by healthy retail demand and strong fleet volumes, as automakers dealt with backlogs from commercial, government and rental clients.
According to J.D. Power and LMC Automotive, retail inventory reached approximately 1.2 million vehicles in April, unchanged from March but up 45 percent from April 2022.
Among brands, Kia, Toyota, Honda, Lexus, Subaru, BMW, Land Rover, Hyundai and Volkswagen had the lowest U.S. shipments last month, Cox Automotive said, while Jeep, Buick, Ram, Chrysler, Infiniti, Jaguar, Dodge and Lincoln were the highest.
Growing production, stocks and stimulus are being offset by growing affordability concerns, reflecting near-record high car prices and uncertain consumer confidence, analysts say.
Recent Comments