Korean automaker keeps achieving better monthly sales
Hyundai Motor, Korea’s largest automaker, saw its sales in the United States rise nine straight months in April thanks to the rising popularity of its sports utility vehicles (SUVs).
The Seoul-based carmaker said on May 1 that it sold 55,420 units in the world’s second-largest automotive market last month, up 1 percent from a year ago. Its retail sales also edged up 2 percent.
Hyundai Motor said that a variety of products across the lineup underpinned the robust sales. In particular, utility vehicles played a pivotal role as SUVs sales accounted for 44 percent of the total mix.
Sales of Kona, which was picked as the North American Utility Vehicle of the Year in early 2019, jumped 55 percent year-on-year and combined sales of Santa Fe and Santa Fe XL also went up 14 percent.
On the car front, Veloster sales leaped a whopping 68 percent.
This marks back-to-back good news for Hyundai, which chalked up operating profit of 824.9 billion won ($717 million) in the first quarter, up 21.1 percent from a year before.
The performance was a better result than the market consensus of around 770 billion won.
“Our focus on retail deliveries and working closely with our dealer partners in providing an exceptional shopping and buyer experience resulted in the third straight month of growing retail sales for Hyundai,” Hyundai Director John Cook said.
“April was also an important month for brand lift as we executed two exciting new vehicle introductions at the New York International Auto Show, resulting in Hyundai being the second-most talked brand at the show.”
Despite challenging market conditions and slowing industry sales, he added that Hyundai is cautiously optimistic ahead of typically strong Memorial Day holiday weekend sales this month.