In the third quarter, South Korean automakers Hyundai, Kia, and Genesis achieved record-breaking sales. Despite concerns over high interest rates and economic recession, electric vehicles (EVs) and other eco-friendly cars were key factors driving overall sales growth.

Hyundai Motor America (HMA) reported that its U.S. sales in September were 62,491 units, a 9% decrease compared to 68,961 units in September of the previous year. However, for the third quarter of 2024, Hyundai sold a total of 210,971 units, a 5% increase from the 200,534 units sold during the same period last year, marking the company's highest-ever quarterly sales.

Among Hyundai’s top-selling models, the Santa Fe Hybrid (HEV) saw an 87% increase in sales compared to the same month last year, followed by the Tucson HEV with a 52% rise and the Palisade with a 9% rise. Overall, sales of hybrid vehicles increased by 36%, driving Hyundai’s total performance. Despite fewer selling days in September, Hyundai reported that eco-friendly vehicles like EVs and hybrids helped boost its sales numbers. Hyundai aims to set a new annual sales record by the end of the year. Randy Parker, CEO of Hyundai Motor America, stated, "Thanks to solid demand for the Ioniq 5 and hybrid models, as well as the efforts of our sales partners, we achieved our highest-ever retail sales in the third quarter." He also noted, "Despite Labor Day falling in August this year, which affected year-over-year comparisons, hybrid sales increased by 36%. Our mission is to finish the year strong and set another record for annual sales."

Kia America also reported a strong September performance, with 58,913 units sold, down 12.4% from last year, but still managing to set a new record for September sales, particularly for electric vehicles and plug-in hybrid (PHEV) models, which saw growth of 43% and 11%, respectively.

Four Kia models, including the Sportage (up 10%), Forte (up 6%), Carnival (up 5%), and Seltos (up 2%), also achieved their highest cumulative September sales to date. Kia credited its strategy of offering a wide range of options, from electric models to internal combustion engine (ICE) vehicles, for this success. SUV sales increased year-over-year, making up 74% of Kia's total sales, while electrified models accounted for 17%.

Eric Watson, Vice President of Sales Operations at Kia America, commented, "Despite the overall industry slowdown in demand for electric vehicles, sales of our electrified models continue to grow." He added, "The double-digit growth in sales of EV and PHEV models shows that Kia is leading the global electrification trend." Kia plans to boost fourth-quarter sales with new models, including the all-new K4 compact sedan and the Carnival MPV Hybrid (HEV).

Genesis Motor America (GMA) announced that its September sales reached 6,537 units, down 1.61% compared to the same month last year, but it still achieved its highest-ever quarterly sales in Q3. Genesis sold a total of 20,117 units in the third quarter, a 4% increase year-over-year.

GMA continues to diversify its vehicle lineup, offering nine gasoline-powered and electric vehicle models. The new GV80 Coupe, which debuted in June, sold 228 units in September. The GV70 was the top seller with 2,343 units, followed by the GV80 with 2,158 units, and the G70 with 1,137 units. Together, these three models accounted for 86.2% of Genesis's total sales in September.



<Hongyong Park>