Jan. U.S. car sales: Hyundai, Kia rise for 6 straight months

Hyundai Motor and Kia Motors have improved inventory levels, increased vehicle numbers, and Electric car request.

Volume was up 9% to 52,001. hyundai 22% to 51,983 come, the company said Wednesday. It was his sixth straight month of year-over-year growth for the two brands, with Hyundai beating Kia by just 18 units in January.

Hyundai said retail sales rose 1% to 48,247 last month. The company said it had 45,158 cars and light trucks in stock at the end of January, up from 37,379 at the end of December, up from 18,060 a year ago.

Kia set a record for January, saying five models (Niro, Sportage, Telluride, Carnival and Forte) also posted record sales for the month. Kia’s total sales of electric vehicles increased by 128%.

genesis Sales in January reached a record high of 3,905 units, an increase of 7.3%.

Toyota motor corporation, Honda Motor Co., Ltd. Subaru When mazda We were supposed to announce January sales later on Wednesday. ford motor company and volvo on thursday. Other automakers release U.S. sales figures on a quarterly basis.

US light vehicle sales were expected to grow by 2.4% to 6.5% in January, according to forecasts from JD Power-LMC Automotive, Cox Automotive, S&P Global Mobility and TrueCar. Analysts had expected higher fleet shipments to offset lower retail volumes.

Estimates from TrueCar, JD Power, and LMC Automotive project that January vehicle deliveries will grow from 59% to 74% to between 168,000 and 183,000 units. As the chip shortage eases, automakers are ramping up production to fill backlogs from rental companies and other commercial and government customers.

Automakers expect continued demand as they improve tight but inventory to boost sales this year after industry volume. depressed 8% to 13.865 million by 2022.

Chris Hopson, principal analyst at S&P Global Mobility, says consumers face an uncertain buying environment heading into 2023.

“The positive development of modest declines in vehicle prices and rising inventories bodes well, but interest rates remain high and economic headwinds persist,” Hopson said.

Affordability due to rising transaction prices also remains a hurdle. JD Power and LMC Automotive forecast the average new car retail price in January to reach $46,437, up 4.2% from January 2022, but down from a record high of $47,362 in December. doing.

TrueCar analyst Zack Krelle said: “However, the pace has slowed as inventories of many high-demand vehicles have increased. Fewer vehicles have seen price increases, especially for imported brands, which faced significant shortages at the peak of shortages. .”

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