Hyundai, Kia on course for record 2024 US sales, led by SUVs, hybrids

South Korea’s Hyundai Motor Co. and its sister firm Kia Corp. saw their US vehicle sales surge in November, driven by large SUVs, hybrids and premium Genesis cars, putting the duo on course for a record year.

The two automaking units of Hyundai Motor Group said on Wednesday their combined US sales reached 154,118 units last month, up 14.7% from a year earlier.

Hyundai Motor America sold 84,011 units, up 10.4% on-year, while Kia America sold 70,107 units, up 20.2%.

The Korean automotive group’s premium Genesis brand posted a 33.7% rise in vehicle sales to 8,003 units in the US, the world’s second-largest car market after China.

Hyundai Motor Group said its US affiliates' overall sales improved in November, led by recreational vehicles, including large SUVs such as the Telluride and Santa Fe.

Hyundai Motor and Kia’s combined US recreational vehicle sales reached 115,210 units last month, up 10.8% from the year-earlier period.

Sales of the two automakers’ eco-friendly vehicles, including EVs, hybrids and plug-in hybrids, rose to all-time highs at 35,529 units, up 77.5% from a year earlier.

EXCEPTIONAL SALES MONTH

“Hyundai delivered an exceptional sales month, driven by the strong performance of our EVs and hybrid vehicles,” said Randy Parker, chief executive of Hyundai Motor America.

“Customers continue to be attracted to Hyundai’s diverse vehicle lineup. We also saw significant interest and excitement for the worldwide debut of the US-built IONIQ 9. We can’t wait to bring it to market next year,” he said.

Hyundai Motor America said in a statement that November was the best-ever month for the Santa Fe HEV, Tucson PHEV, Tucson HEV and IONIQ 5.

Sales of the Hyundai Santa Fe's hybrid electric version rose 64% on-year, while sales of the Tucson HEV increased by 227%.

Total hybrid vehicle sales more than doubled, while total EV sales grew 70%.

ELECTRIFIED LINEUP, SUVs POWER KIA AMERICA TO BEST NOVEMBER

Kia America's SUV models and electrified vehicles marked significant growth last month, with increases of 38% and 45%, respectively, compared to the same month last year, driving the highest monthly sales figures ever.

The solid November sales were led by the Carnival MPV, all-electric EV6, Sportage and Telluride, it said.

“Kia is clearly a brand on the move with world-class ICE (internal combustion engine) and electrified vehicles that far exceed consumer expectations that have helped us achieve back-to-back monthly sales records in the fourth quarter,” said Eric Watson, vice president of Kia America’s sales operations.

“The Telluride has had an immeasurable impact on Kia since launching in 2019, and to reach all-time best monthly sales in 2024 speaks to its enduring appeal … We have no plans of slowing down,” he said.

Hyundai said the Genesis GV70 also posted its best sales for a month in November with 3,235 units, up 39.3% from a year earlier.

The G70 sedan posted its highest monthly sales this year with 1,548 units.

A Hyundai official said the dollar’s strength versus the Korean won will likely contribute to higher earnings in the fourth quarter on a consolidated basis.

For the first nine months of this year, Hyundai Motor posted 11.4 trillion won in operating profit on sales of 128.6 trillion won, while Kia posted 9.6 trillion won in operating profit on sales of 80.3 trillion won.

For 2023, Hyundai posted 15.1 trillion won in operating profit on sales of 162.7 trillion won, while Kia posted 11.6 trillion won in operating profit on sales of 99.8 trillion won.

Write to Jae-Fu Kim and Jin-Won Kim at hu@hankyung.com

In-Soo Nam edited this article.