HYUNDAI-KIA JULY U.S. SALES: Crossover momentum continues
Strong crossover demand fueled U.S. deliveries for Hyundai and Kia in July, as they and the Genesis luxury brand reported a combined 7.1 percent sales boost over the same month last year.
Hyundai's Kona, Santa Fe and Tuscon crossovers as well as Kia's Sportage posted increases. In addition, the Korean auto group saw a combined 9,023 units in incremental volume from the Hyundai Palisade and Kia Telluride crossovers, which hit the U.S. market this year.
Genesis sales soared 158 percent, fueled by demand for the G70 compact sedan, which launched late last year. Genesis sold 905 of the sport sedans in July.
For Hyundai, July marked 12 consecutive months of increasing sales. The automaker has transitioned well from a sedan-centric lineup to a more crossover-focused showroom. The subcompact Kona, compact Tucson, midsize Santa Fe and new midsize Palisade made up 58 percent of all Hyundais sold in July.
"It's an impressive turnaround for a company that concentrated on the Sonata and Elantra sedan just a few years ago," said Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions.
As a group, the three brands sold 112,331 cars and light trucks last month. Hyundai led with 57,340, followed by Kia with 53,405 and Genesis with 1,586.
Brands: Hyundai, up 12%; Kia, up 0.6%; Genesis, up 158%
Notable nameplates: Hyundai Santa Fe, up 17%, Hyundai Kona, up 53%, Hyundai Elantra, down 16%; Kia Forte, up 22%, Kia Optima, down 20%; Kia Sportage, up 22%; Genesis G80, up 4.4%, G90, up 38%
Incentives: For Hyundai, $2,716 per vehicle, down 7.8% from a year earlier, ALG says. For Kia, $3,543 per vehicle, down 18% from a year earlier.
Average transaction price: For Hyundai, $24,409, up 11% from a year earlier, according to ALG. For Kia, $23,698, up 5.1% from a year earlier.
Quote: "With a tightening of consumer demand and automaker incentives, savvy car buyers are likely holding out in anticipation of better deals or widening their consideration set to get the most value. Hyundai has been a prime example of this trend, they've been able to capture sales in a declining sales environment by attracting shoppers from other brands," said Eric Lyman, chief industry analyst at ALG, a subsidiary of TrueCar.
Did you know? Hyundai fleet sales accounted for just 10 percent of total sales in July.