HYUNDAI-KIA: New crossovers pace advance
Robust crossover demand drove momentum for Korea's Hyundai, Kia and Genesis brands in June, as they reported a combined 1.9 percent sales boost over the same month last year.
For luxury brand Genesis, sales soared 137 percent, fueled by demand for the G70 compact sedan, which launched late last year. Genesis sold 408 of the sport sedans in the fourth quarter, and year-to-date U.S. deliveries climbed to 5,715 units.
June marked the sales debut of the Palisade, Hyundai's three-row crossover, with volume reaching 383 units. Overall, Hyundai's light-truck sales rose 9.6 percent last month.
As a group, the three brands sold 122,890 cars and light trucks last month. Hyundai led with 64,202, followed by Kia at 56,801 and Genesis with 1,887.
Brands: Hyundai, up 1.5%; Kia, up 0.4%; Genesis, up 137%
Notable nameplates: Hyundai Santa Fe, up 36%; Hyundai Kona, up 50%; Hyundai Elantra, down 7.4%; Kia Soul, down 9.9%; Kia Stinger, down 15%; Kia Sorento, down 37%; Genesis G80, down 17%; Genesis G70, 1,193 units.
Incentives: For Hyundai, $2,973 per vehicle, up 2.6% from a year earlier, ALG says. For Kia, $3,835 per vehicle, down 2.4% from a year earlier.
Average transaction price: For Hyundai, $23,038, up 4.5% from a year earlier, according to ALG. For Kia, $24,089, up 6.7% from a year earlier.
Quote: "It's been quite a turnaround for Hyundai, who used to be known for their sedans. They should continue to see strong sales as the product keeps rolling out," said Akshay Anand, executive analyst at Kelley Blue Book.
Did you know? Two crossovers --- Santa Fe and Kona -- posted double-digit sales gains, helping give Hyundai its 11th consecutive monthly increase.