Hyundai Motor America and sister brand Kia reported total July sales of 128,283 units, a decrease of almost 11% compared with July 2021. Sales of only four Hyundai models, the Accent, Santa Cruz, Tucson, and Veloster, increased in deliveries. Only the crossovers Sorento and Sportage saw gains at Kia.
The volume of EV sales overall was low but steadily growing for both companies. Kia saw an 86% increase in EV sales for July, while Hyundai EV sales increased 12%.
14,784 light vehicles were in Hyundai’s U.S. inventory at the end of July, down from 17,922 at the end of June but significantly lower than the 46,113 light vehicles it had at the same time in 2021.
According to Cox Automotive, multiple vehicle companies had low stockpiles and inventory, including Kia, Toyota, Subaru, Honda, Lexus, Porsche, Hyundai, Land Rover, BMW, and Acura. Only five companies, Ram, Volvo, Jeep, Lincoln, and Audi, had the highest inventory levels.
Cox Automotive Senior Economist Charlie Chesbrough reacted to the low volume by stating, “Rising interest rates and low consumer sentiment are keeping many potential buyers out of the market. At the same time, higher prices for both gasoline and vehicles are making affordability an even greater challenge.”
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