South Korean Brands Report Strong Month
Hyundai, Kia said performance so far this year puts them on track for record annual sales.
Kia said its electric-model sales jumped 83% year-over-year for the month.
IMAGE: Kia
Hyundai and Kia reported October U.S. sales continued a 15-month streak of increases.
Hyundai, the parent company of Kia, said its deliveries edged up 0.3% year-over-year to nearly 61,000 units, while Kia said it reached an October record with more than 59,000 deliveries.
Hyundai Motor America CEO Randy Parker said in a press release on the results that the unit is on track to have a record year. “We're confident we are going to finish 2023 with all-time record performance."
Kia said its electric model sales jumped 83% year-over-year for the month. Eric Watson, its vice president, sales operations, said the unit expects to outdo 2022 full-year sales by mid-November for record annual deliveries.
Originally posted on Auto Dealer Today
More Industry
World EV Adoption Set to Grow
A new report says the segment, despite recent setbacks in some regions, is poised for acceleration as many countries look to reduce pollution.
Read More →
Black Book: Weekly Market Update
Wholesale automotive auction business stayed steady last week as bidders encountered lower prices, analysts observed.
Read More →
Pricing Transparency Drives Purchase Consideration
An annual study by JD Power found that clear pricing matters to consumers on automaker websites, so much so that it increases their purchase consideration.
Read More →
Black Book: Weekly Market Update
Used-vehicle market depreciation was the prevailing story in the wholesale market last week.
Read More →
Smaller Is Looking Better
A growing number of Americans in the market for a new vehicle are opting for more affordable options, not waiting for market stability to bite the bullet.
Read More →
U.S. EV Market Slowly Stabilizes
U.S. electric-vehicle interest is slowly stabilizing since a major dip in sales after last year's end of the federal EV tax credit, and hybrids remain the leading electrified power train.
Read More →
Global EV Market Entering New Phase
Automakers are making investments to lower battery costs and optimize production to meet changing consumer needs.
Read More →
Black Book Weekly Market Update
The holiday weekend, not surprisingly, put a drag on wholesale automotive activity last week, analysts observed.
Read More →
Auto Affordability in Context
Cox Automotive points out the complex circumstances that have led to eye-popping vehicle prices.
Read More →
Black Book: Weekly Market Update
Automotive auction inventory increased last week, giving choosy bidders even more leeway.
Read More →