Hyundai sales take hit in Sept. despite EV spike

Hyundai Motor saw sales decline in Sept. across its brands but passed a major milestone for its roughly 57-year history.

Driving the news: Sept. car sales were forecast to drop for most automakers, thanks to softening demand, complications from hurricane Helene, and fewer selling days compared to last year. While the effects were felt differently across its portfolio of brands, Hyundai Motor’s performance was noticeably affected by the late-year challenges.

• Hyundai sales declined 9% year-over-year in Sept. However, the automaker still pulled through with a better Q3, selling 210,971 units, up 5% from 2023.

• Kia and Genesis sales dropped 12% and 1.6% in Sept. respectively. While Genesis maintains a slight edge over 2023 on a year-to-date basis, Kia’s sales are now down 3.4% compared to the first nine months of last year.

Zooming in: Hyundai still has plenty to celebrate, having built its 100 millionth vehicle in Sept. This a major achievement for the South Korean automaker, especially considering it only took 11 years to double its previous milestone of 50 million. To mark the occasion, the company handed off its 100,000,001st vehicle (not the 100 millionth), an Ioniq 5, directly to its new owner. The odd number is important for Hyundai, which said it underscores its “commitment to pushing one step further with its past accomplishments as the foundation.”

Zooming out: And even if Hyundai Motor’s general sales took a hit this Sept., the strength of its electric vehicle lineup continued to impress.

• Hybrid sales at Hyundai rose 36% year-over-year last month. At Kia, hybrid deliveries improved by 11%, and fully electric deliveries rose by 43%, helping to mitigate the impact of its poorer performance.

Bottom line: Overall, Hyundai has continued to build on its success in the U.S. With three months left to go in 2024, there’s a good chance it can score another record-breaking year, despite the hiccup in Sept.. That being said, other brands aren’t so lucky. Both Kia and Genesis will need significant work to make the final quarter a successful one.

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