(CTN News) – According to Hyundai Motor America’s monthly sales report released on Wednesday, the company registered higher sales year-over-year in October, despite challenging market conditions.
There was an increase of 0.3% in the number of vehicles sold by the South Korean brand in the United States during the month of October as compared to the same month last year with 60,805 vehicles sold.
It has been the 15th consecutive month that Hyundai has seen an increase in its monthly sales when compared to the same period last year, which represents a 151% increase over the same period a year ago.
However, although the carmaker has sold 11% more vehicles in 2023 than it did in 2022, October’s increase is one of the smallest gains the brand has reported over the past eleven months, despite the fact that it has already sold 11% more vehicles in 2023 than it did in 2022.
Likewise, retail sales decreased by 7% compared to last year, resting at 54,145 units, a decrease of 7% from last year.
In spite of the brand’s marginal growth as a whole, it has made considerable progress in its efforts to transition from gasoline vehicles to electric vehicles.
Hyundai has sold 11,286 low-emission and zero-emission vehicles in October, which is a 49% increase over the same month last year.
During the first quarter of this year, green cars accounted for 21% of the Hyundai company’s total retail volume, far ahead of the other automakers in the U.S.
A number of concerns have been expressed regarding electric vehicle demand being slowed as a result of low affordability, economic headwinds and a lack of infrastructure. The improvements come at a time when widespread concerns have been raised.
It is important to note that despite the fact that EV sales have continued to grow throughout the year of 2023, they have not kept pace with OEM expectations for the adoption of EVs.
The Hyundai Motor Company has expressed optimism about the future of its Hyundai EV ventures despite the fact that the company is not as optimistic as some of its competitors about their EV endeavors.
In a press release released by the company following a press conference held at the company’s headquarters, CEO Randy Parker emphasized the automaker’s success with electric vehicles.
As he went on to describe the month of October, he stated that it was one of the best-ever months for total and retail sales for our Tucson HEV, Tucson PHEV, Santa Fe HEV, and IONIQ 5 SUVs, along with the Elantra HEV in our segment. As a team, we are confident that we will be able to achieve an all-time record performance in 2023.”
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