Kia and its parent company Hyundai published monthly reports for the U.S. showing higher auto sales numbers throughout May than during the year-prior period.
Hyundai Motor America’s retail sales climbed 8% from May 2022. Combined with fleet sales, the car manufacturer saw total volume increase by 18% year-over-year. Demand for the automaker’s electric vehicle lineup grew substantially, with two models, the Santa Fe HEV, and Tucson PHEV, seeing more than twice as many deliveries as last spring. Writing in a press release, the CEO of Hyundai Motor America, Randy Parker, noted the company’s “eco-friendly sales performed exceptionally well” and contributed “significantly to our strong retail and total sales results.” The brand’s monthly sales total of 70,001 units fell just short of the 70,812 reported in April.
While both brands shared similar results, Kia America outpaced Hyundai in several areas. The brand’s overall auto sales volume was its second-highest for May and 23% greater than last year. Monthly EV sales set a new all-time sales record and increased by 33% compared to the same period in 2022. Much of the car manufacturer’s growth arose from an increasing demand for SUVs, which vice president of sales operations, Eric Watson, said accounted for “More than two out of every three Kia vehicles sold in the U.S…” The company’s May deliveries outpaced April, reaching 71,497 units compared to 68,205 units.
Both companies have now seen ten consecutive months of improving year-over-year auto sales. While delivery volumes have remained less consistent month-over-month, the gradual improvements indicate that the two car manufacturers have yet to relapse back to their post-pandemic slump. While inventory shortages remain an obstinate roadblock for Hyundai and Kia, both are well-positioned to tackle a potentially strenuous summer, threatening to inflict a recession on the U.S. economy.