With Honda and Acura brands leading the way, carmakers posted sales gains during July as consumers shook off the impact of higher prices and rising interest rates.
The Honda brand sales were up 53% in July with sales of 99,700 units and turn rates remaining above 70%, according to American Honda’s monthly sales report for July. Acura’s July sales topped 12,000 units, marking the fifth straight month it’s beaten that number, which is a 45.4% jump.
Honda, which appears to have overcome the logistics challenges, said electrified models set July record with sales over 25,000 units for the fifth straight month; both CR-V and Accord hybrid-electric models comprise more than 54% of sales mix.
Genesis leads Korean brands higher
South Korean automakers also posted strong numbers for July, the monthly sales reports showed.
Genesis Motor America reported 6,330 units sold last month, representing a best-ever monthly U.S. sales achievement for the brand and a 22% increase versus July 2022.
Building on the momentum created by best-ever first half sales, Kia America set an all-time July record of 70,930 units, up 14% over the same period last year and breaking the previous record set in July 2021. Kia’s retail sales in July totaled 66,485, an increase of 13% year-over-year.
“Achieving one full calendar year of consecutive sales growth proves that Kia has the right mix of models that consumers are looking for, whether it’s a rugged and capable SUV, a sporty sedan or an innovative EV,” said Eric Watson, vice president, sales operations, Kia America.
“As sales of our utility models continue to account for more than 70% of our overall total, and inventory levels on in-demand vehicles continues to improve,” Watson added.
Hyundai Motor America reported total July sales of 66,527 units, a 10% increase compared with July 2022. Hyundai set best-ever total sales in July. Hyundai fleet sales were 7% of the total volume for the month.
“Hyundai continues to wow customers with its eco-friendly product offerings including Ioniq 5, Ioniq 6 and our HEV and PHEV vehicles,” said Randy Parker, CEO, Hyundai Motor America. “Our green car sales have risen substantially month-to-month thus far in 2023.”
Toyota has a good month
Subaru of America Inc. reported 12 consecutive months of increased sales with 50,389 vehicles sold for July 2023, a 21% increase compared with July 2022.
“July was another strong month, with a double-digit sales increase compared to July 2022,” said Jeff Walters, president and Chief Operating Officer, Subaru of America Inc.
Toyota Motor North America, annually one of the top sellers of vehicles in the U.S., reported July 2023 sales of 191,684 vehicles, up 8.1% on a volume basis. Toyota Division sales for the month totaled 166,833 vehicles, up 8.8% on a volume basis. Lexus Division sales for the month totaled 24,851 vehicles, up 3.3% on a volume basis.
TMNA’s July 2023 U.S. electrified sales totaled 56,965 vehicles, up 48.4% on a volume basis, representing 29.7% of total sales volume. Toyota Division’s electrified sales totaled 50,072 vehicles, up 50.9%. The Division’s electrification sales represented 30.0% of total sales volume. Lexus Division’s electrified sales totaled 6,893 vehicles, up 32.2%, a best-ever July. The division’s electrification sales represented 27.7% of total sales volume.
“Entering August, we see continued momentum in the U.S. auto market,” Cox Automotive noted. “Initial reports indicate our forecast of 15% year-over-year growth is generally on target, although some of the largest players are landing a bit short. Kia went deep into the thesaurus to describe its sales month: torrid. Although, with sales up only 14% from last year and up just a few hundred units month over month, the grammar police may be issuing a citation,” Cox added.