Hyundai starts the year off strong with record breaking January sales

Yesterday, Hyundai released its January sales report, offering good news for investors and dealers alike.

The company started 2023 off strong by selling 52,001 units in the first month, 4,129, or 9%, more than it did last January. The growth was in part achieved thanks to the proliferation of Hyundai’s electric and hybrid vehicles. The Elantra HEV saw 70% more sales in comparison to 2022, while deliveries of the Kona EV rose 19%. Other brands also reported record breaking sales numbers for electric cars in 2022. Going by industry-wide January sales reports, it seems likely this trend will continue.

In breaking down the January sales data by individual models, the company also revealed its best-selling car in January was the Tucson SUV, of which it made 12,028 deliveries. However, this number falls short of last year’s 13,085. Hyundai’s Santa Cruz pickup and Santa Fe SUV also fell by 7% and 8% respectively.

Hyundai has rapidly become one of the most sought after brands in automotive retail. The South Korean automaker has made a name for itself by greatly increasing the quality of its vehicles. Although challenges still remain for the brand’s American operations, it has thoroughly solidified itself as a major competitor in the global car business.

Although dealers were largely apprehensive going into the new year, it seems that most automaker have made respectable year-over-year improvements. However, with a recession on the horizon and prolonged supply chain disruptions and shortages, it remains to be seen if Hyundai’s January sales report is an anomaly or an indicator.

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