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Hyundai Motor America has reported a 1% decline in October sales when compared to figures from October of 2020, underlining that this is significantly better performance than forecasts of 20% decline in industry sales. While the semiconductor shortage remains a key concern for automakers across the world, the rise in demand for electric vehicles continues to auger well for companies that have such options in their respective product portfolio.
Hyundai's main thrust in the US market comes from models like Sonata and Elantra as well as SUVs like Tucson, Santa Fe and Palisade. The company also offers electric models like Kona and Ioniq here, and while sales numbers may still be far lower than the models mentioned previously, the climb is very noticeable.
Last month, Hyundai sold 8,440 units of Kona in the US, up from 6,540 in October of last year. There was also a 35% rise in sales of Ioniq with the company selling 1,621 units last month. In comparison, sales of Elantra, Sonata, Tucson and Santa Fe declined sharply. While chip shortage may be one of the stumbling blocks, Hyundai would take heart from the fact that EV sales continue to be on an upswing.
Moving forward, Hyundai says that its prospects in the US remain green. “Hyundai dealers are turning vehicles quickly as consumer demand remains strong for our product portfolio," said Randy Parker, senior vice president, National Sales, Hyundai Motor America. “We established several total and retail model records in October, and overall we are continuing to gain substantial market share."