As sales of new vehicles continued to show signs of strength, all three South Korean brands set sales records in February as Hyundai, Genesis and Kia continued to fatten their market share in the United States.

Hyundai said a new sales record last month, posting a 9% increase.

Hyundai Motor America reported total February sales of 57,044 units, a 9% increase compared with February 2022, making it the best February in Hyundai history. It was the fourth consecutive month Hyundai set monthly sales record. Fleet sales were 7% of total volume for the month.

South Korean brands off to fast start

“For the past seven months, Hyundai and our retail partners have delivered record retail sales,” said Randy Parker, CEO, Hyundai Motor America. “It’s the result of our diverse product lineup, strong marketing efforts that drive showroom traffic and our dealers’ attention to elevating the customer experience. We remain optimistic about continuing the success and increasing market share.”

Genesis Motor America reported selling 4,208 units in February 2023, which represented a best-ever February U.S. sales achievement for the brand and a 21% increase compared to February 2022.

Genesis moved more than 4,000 vehicles in the U.S. in February: a new record.

Kia, the third South Korean brand with sales operations in the U.S., also posted its best-ever February as it sold 60,859 vehicles. It marked Kia America’s seventh consecutive monthly sales record. Five Kia nameplates — Carnival, Forte, Niro, Sportage and Telluride — posted best-ever February totals and sales of Kia’s electrified models increased 32% over the same period last year.

Eric Watson, vice president, sales operations, Kia America, said, “As our production and inventory levels continue to increase, we are able to fully capitalize on the demand we have built across our full range of capable SUVs, sporty sedans and innovative electrified models.”

Kia America also was ranked the No. 1 mass-market brand in the J.D. Power 2023 U.S. Vehicle Dependability Study for the third consecutive year after owners reported the fewest issues after three years, Watson noted.

Subaru posts gain as inventories build

Subaru of America reported a 2.1% sales increase for February 2023, marking the seventh consecutive month of month-over-month sales increases for the automaker as concerns about depleted inventories eased.  

“February was another strong month for Subaru as we look to move beyond the supply chain issues of the past few years,” said Thomas J. Doll, president and CEO, Subaru of America Inc. 

Kia’s sales were up for the seventh straight month.

While Subaru enjoyed a strong month, it wasn’t such a great time for all Japanese automakers in the U.S.

Toyota Motor North America, the largest carmaker releasing monthly sales totals, reported February 2023 U.S. sales of 158,710 vehicles, down 2.4% on a volume basis. Toyota Division sales for the month totaled 137,254 vehicles, down 3.6% on a volume basis.  Lexus Division sales for the month totaled 21,456 vehicles, up 6.1% on a volume basis. 

TMNA’s February 2023 U.S. electrified sales totaled 37,252 vehicles, down 9.1% on a volume basis.  Lexus Division’s electrified sales totaled 5,743 vehicles, up 64.9% for the month. The Division’s electrification sales represented 26.8% of total sales volume.

Overall, the sales of new vehicles remain steady as dealers finally rebuild their inventories for the first time in nearly three years.

American Honda’s February numbers were down slightly, 1.4%, as the company moved 83,247 units. The bright spots were the fact its truck numbers were up 0.3% for the months and its Acura luxury unit saw an 11.9% increase in sales for the year’s shortest month. The CR-V, Odyssey, Passport and Ridgeline all posted increases in February.

Industry delivering big numbers

“Despite economic headwinds, the auto industry is on track to deliver record transaction prices and record consumer expenditures for the month of February. Improving vehicle availability is allowing more retail and fleet customers who have been waiting on the sidelines to finally buy a new vehicle,” noted Thomas King, president of the data and analytics division at J.D. Power.

Cox Automotive noted February’s auto sales pace, or seasonally adjusted annual rate, is expected to reach 14.4 million, a decline from January’s surprisingly strong 15.7 million level. With elevated auto loan rates and persistent inflation, a sales pace decline from January was expected.   

“Affordability is a growing headwind for vehicle buyers but is impacting new and used sales differently as the spring season approaches,” noted Charlie Chesbrough, senior economist at Cox Automotive: “We have diverging markets today. New-vehicle prices remain high while used retail prices are now in decline.”

Generated by Feedzy