Hyundai Motor America continued to see stronger year-over-year sales in October, according to its monthly sales report published Wednesday.
The South Korean brand recorded sales of 60,805 vehicles in the U.S., an improvement of 0.3% from last October. The percentage represents the 15th consecutive month that Hyundai has seen sales improve from the prior-year period. However, while the automaker to date has sold 11% more vehicles in 2023 compared to 2022, October’s increase is one of the smallest gains the brand has reported over the last eleven months. Retail sales also decreased 7% from last year, resting at 54,145 units.
While its overall growth was marginal, the brand made substantial progress in its efforts to transition to electric vehicles. Hyundai sold 11,286 low-emission and zero-emission vehicles in October, an increase of 49% from last year. Eco-friendly cars represented 21% of the company’s total retail volume, far ahead of other automakers in the U.S. The improvements come amidst widespread concerns that electric vehicle demand is cooling due to low affordability, economic headwinds and inadequate infrastructure. Although sales have continued to rise throughout 2023, the pace of EV adoption has failed to keep pace with OEM expectations.
Unlike some of its competitors, however, Hyundai expressed optimism about its endeavors in the EV sector. Company CEO Randy Parker underlined the automaker’s electric vehicle success in a press release. “This was the best-ever October for total and retail sales for our segment-leading Tucson HEV, Tucson PHEV, Santa Fe HEV and IONIQ 5 SUVs, along with our Elantra HEV,” he commented. “We’re confident we are going to finish 2023 with all-time record performance.”