South Korean automakers managed to break through a long sales drought in August, setting new records for deliveries despite tight inventories.
Hyundai Motor America reported total August sales of 64,335 units, a 14% increase compared with August 2021. Sales of the Santa Cruz led the way with sales increasing by 132%, Venue and the hybrid Santa Fe, Palisade and hybrid Tucson also established new August sales records as Hyundai achieved an all-time August retail sales record, increasing 24% year-over-year.
Hyundai’s eco-friendly retail sales increased 48% on the month, with the Elantra HEV enjoying its best all-time sales.
Inventories getting bigger
“We’re seeing inventory begin to rebound which resulted in strong sales this month,” said Randy Parker, CEO, Hyundai Motor America, in a statement. “Despite estimates of an overall industry decline our sales were driven by high demand for our product line of SUVs and eco-friendly vehicles.”
Genesis sales also increased by 3% during August, setting a new record.
Kia America announced best-ever August sales of 66,089 units, marking a 22% increase year-over-year. Kia’s SUVs continue to shine with the Sportage remaining the brand’s top-selling model for the fifth consecutive month with 12,986 units sold, representing a 59% increase year-over-year.
Sales of the Sorento SUV increased by 114% year-over-year; and sales of the current generation Telluride continued strong, increasing 18% year-over-year and just months before the highly anticipated 2023 version arrives in dealers.
In addition, August sales of Kia’s all-electric and hybrid models increased 151% year-over-year, outperforming the electrified options of its Hyundai siblings last month.
“In light of ongoing supply challenges across the industry, achieving a best-ever August sales performance is a testament to the strength of our product lineup, our dealers and our employees,” said Eric Watson, vice president, sales operations, Kia America, in a statement. “We are optimistic that production through the end of the year will improve and further the success of our all-new Sportage, EV6, upcoming redesigned Telluride and more.”
Japanese brands lose ground
Toyota Motor North America, which had seen its sales drop by double digits earlier in the summer, reported August 2022 U.S. sales of 169,626 vehicles, down 9.8% on a volume basis. Toyota Division sales for the month totaled 147,873 vehicles, down 8.1 percent. Lexus Division sales for the month totaled 21,753 vehicles, down 20.1 percent.
TMNA’s August 2022 electrified sales totaled 37,899 vehicles, down 25 percent while its CYTD 2022 total electrified vehicle sales represent 24.6% of total TMNA sales, versus 23.9% CYTD 2021.
Honda, meanwhile, said it sales dropped 35.4% during August with Acura sales dropping by 45%, as the automaker said tight vehicle supplies again limited deliveries and the problem was exacerbated by limits on west-bound rail shipments by the BNSF Railroad from assembly sites in the Southeastern U.S. to the West Coast. The limits on west bound rail traffic prevailed throughout the month of July, according to the railroad.