Hyundai continued to see strong demand in the U.S. throughout August as electric vehicle purchases broke all-time sales records.
According to the automaker’s report, last month’s U.S. sales reached 65,046 units, an increase of 1% compared to August 2022. However, the number is slightly behind July’s sales numbers, which amounted to 66,527 units. This marks the fifth consecutive month that Hyundai has seen lower month-over-month sales after hitting a peak of 75,404 units in March. August also saw the smallest yearly sales gain for the automaker so far in 2023, with January through July seeing an average year-over-year increase of 14%. Nevertheless, the company has sold 526,186 ICE, hybrid and electric vehicle units in North America to date, an increase of 12% or 57,353 units from the same point last year.
While August saw only minor improvements in overall sales comapred to the previous year, the company’s electric vehicle lineup was substantially more successful. Sales of eco-friendly models rose 80% year-over-year throughout the month, with sales of the IONIQ 5, Sante Fe HEV, Santa Fe PHEV, Kona EV, Tucson HEV and Tucson PHEV all beating prior sales records. As Randy Parker, CEO of Hyundai Motor America, commented: “Hyundai’s commitment to providing consumers with a multitude of eco-friendly products has once again delivered positive results with August total sales compared to last year.”
Ultimately, Hyundai is performing quite well in 2023, especially when compared to 2022. While the automaker did see sales decline from July and barely eked out a victory over last August, most car manufacturers are also seeing demand stagnate as consumers struggle to afford inflated car prices amidst economic issues caused by the COVID pandemic. Furthermore, the brand’s success in the electric vehicle segment is impressive. Although EVs remain a niche market, the rapid acceleration of sales is an encouraging sign for OEMs with more battery-powered models in the pipeline.
