Hyundai and Kia smash Oct. sales records in the U.S.

Hyundai and Kia just hit record Oct. sales in the U.S., powered by surging demand for SUVs, hybrids, and electric vehicles (EVs).

Hyundai: Sold 71,802 vehicles in Oct., up 18% year-over-year, marking its best Oct. for the third year running.

• Elantra N sales skyrocketed by 373%, while the Santa Fe HEV (+136%) and Tucson HEV (+140%) also saw big gains.

• Hybrid and EV sales climbed 91%, with the Tucson HEV and Ioniq 5 leading the charge.

• Hyundai’s U.S. sales hit 682,296 units, a 4% increase over 2023.

Kia: Notched 68,908 sales, a 16% bump from last year’s Oct. record.

• EV sales jumped 70%, with additional gains in PHEVs (+65%) and hybrids (+49%).

• SUVs made up 73% of Kia’s total sales, led by the Sportage, Carnival, and EV6.

Digging deeper: Hyundai’s rise in the U.S. market from budget-friendly cars to a competitive SUV and EV player wasn’t overnight. After introducing a 10-year engine warranty in the early 2000s and pivoting toward SUVs, Hyundai cemented its place with affordable, feature-packed models.

• “Hyundai is popping up more and more into the conversation,” Hunter Price, GM at CarMax, told Bloomberg. “Are you going to look at the Hyundai that’s a couple thousand dollars less, or the Toyota that’s a couple thousand dollars more?”

• This transformation hasn’t come without costs, though. Hyundai’s third-quarter profits dipped 3%, as the automaker ramped up incentives in the U.S. and Europe and extended warranties on Santa Fe SUVs.

What’s Next: Hyundai’s new Ioniq 9, a three-row electric SUV on the E-GMP platform, arrives next month, and the Initium concept, a hydrogen-powered SUV, will launch in spring 2025.

Bottom Line: Hyundai and Kia’s Oct. sales show their commitment to SUVs and electrified vehicles is paying off. Even with rising incentives and warranty costs weighing on profits, both brands are showing they’re ready to play big in EVs, hybrids, and now, hydrogen.

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