Hyundai and Kia post record-breaking February sales

Hyundai and Kia reported 57,044 and 60,859 sales respectively, the best-ever February totals for both brands

In separate monthly reports, automakers Hyundai and Kia posted record-breaking sales numbers for February, reaching a combined total of 117,903 units.

Hyundai sold 57,044 units last month, achieving a 9% increase over the same period in 2022 and its fourth consecutive month of record-breaking numbers. Excluding freight, which accounted for 7% of the total, the company’s retail volume was a record 52,932, a year-over-year gain of 1%. The Tucson SUV was the brand’s best-selling vehicle at 14,031 units, followed closely by the Elantra sedan with 10,371 units, increases of 9% and 53% respectively. So far, the automaker has sold 109,045 in 2023.

Kia sold 60,859 units in February, a 24% increase over the previous year, and the seventh record-breaking month in a row. The automaker did not separate retail and fleet volume in its report. The Forte sedan led in sales, with 10,445 units, while the Sportage SUV reached a close second, with 10,117 units, 128% and 376% year-over-year gains respectively. To date, the brand has sold 112,842 vehicles in 2023.

Overall, OEMs seem to be in a stronger position than they were at this time last year. However, although supply and demand is unlikely to change in March, several issues threaten to interrupt the industry’s record-breaking streak. The Federal Reserve is guaranteed to continue its anti-inflationary measures, which translates to more interest rate hikes. As a result, consumers, who are already struggling to justify a new vehicle at the market’s current price tags, may choose to delay their purchase. To avoid losing progress in the coming months, the industry may need to introduce buyer-friendly incentives at the retail and manufacturer level.

Stay up to date on exclusive content from CBT News by following us on Facebook, Twitter, Instagram and LinkedIn.

Don’t miss out! Subscribe to our free newsletter to receive all the latest news, insight and trends impacting the automotive industry.

CBT News is part of the JBF Business Media family.

Colin Velez
Colin Velez
Colin Velez is a staff writer/reporter for CBT News. After obtaining his bachelor’s in Communication from Kennesaw State University in 2018, he kicked off his writing career by developing marketing and public relations material for various industries, including travel and fashion. Throughout the next four years, he developed a love for working with journalists and other content creators, and his passion eventually led him to his current position. Today, Colin writes news content and coordinates stories with auto-industry insiders and entrepreneurs throughout the U.S.

Related Articles

Latest Articles

From our Publishing Partners