Hyundai and Kia have officially broken their previous monthly sales records, continuing their streak of month-over-month gains.
Hyundai announced it had sold a record-breaking 75,404 vehicles last month alone, a 27% increase from last March, and the fifth month of consecutive gains. For the first quarter, the Korean automaker sold 184,449 units, a year-over-year growth of 16%. On the other hand, Kia sold a record-breaking 71,294 units in March, roughly 20% more than it had during the same period last year, and the eighth month of consecutive gains. The brand’s total Q1 sales were also 20% higher than in 2022. Kia’s EV sales also increased by 10% in March, despite drastically lowered sales of its EV6. Transaction prices for both Hyundai and Kia changed little from last year, with each brand averaging $37,054 and $34,150 respectively.
While the recoveries of both brands are some of the strongest on record, they are not alone in celebrating early-year successes. GM reported a quarterly sales increase of 18%, while Honda reported a monthly increase of 8%. However, some companies have found it more difficult to navigate the new year, such as Toyota, whose sales dropped 9.1% in March. Although supply has started to increase, inventory continues to vary between companies, and sometimes between models as well. Several automakers, such as Ford, are expected to publish their numbers for both March and Q1 in the coming week.
