Seoul: South Korea’s Hyundai Motor Group announced on Sunday that it has achieved record-breaking sales in the United States in 2024. The increase in sales was largely driven by the popularity of SUVs, minivans, and eco-friendly models.
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Sales Growth in the US Market
Hyundai Motor Co. and its sister company Kia Corp reported a combined sales volume of 1.7 million units in the US market in 2024, marking a 3.4% increase from the previous year. This figure surpasses the previous record of 1.65 million units sold in 2023, according to Yonhap News Agency.
- Hyundai Motor recorded a 4.8% sales increase to 911,805 units.
- Kia Corp saw a 1.8% rise, reaching 796,488 units.
- Genesis, Hyundai’s luxury division, experienced an 8.4% growth, selling 75,003 units.
Strong Demand for SUVs & Electric Vehicles
Hyundai attributed its sales growth to increasing demand for SUVs and EV models:
- Palisade SUV sales soared 23%, reaching 110,055 units.
- Ioniq 5 Electric Model sales surged 31%, totaling 44,400 units in the US.
Hyundai Overcomes Market Challenges
Despite challenges such as global uncertainties and US regulatory policies, including the Inflation Reduction Act, Hyundai successfully maintained its competitive edge.
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“The company’s strong performance is largely due to the continued demand for SUVs, minivans, and eco-friendly models,” said an official from Hyundai Motor Group.
Hyundai Retains Fourth Position in US Market
Hyundai Motor Group remained the fourth-largest automobile seller in the United States for the second consecutive year:
- General Motors (GM) – 2.68 million units
- Toyota – 2.33 million units
- Ford – 2.06 million units
- Hyundai Motor Group – 1.7 million units
Decline in Hyundai’s Global Sales
While Hyundai saw growth in the US, its global annual sales dropped by 1.8% in 2024 due to lower domestic demand:
- Total global sales: 4,141,791 units (down from 4,216,898 units in 2023).
- Domestic sales: 705,010 units (a 7.5% decline).
- Overseas sales: 3,436,781 units (a 0.5% decrease).
Despite these setbacks, Hyundai remains optimistic about its future performance, driven by its focus on SUVs, electric vehicles, and innovation in mobility solutions.