Positive news coming out of a supply chain strain.
Gas prices may be coming back down, but the consequences of inflation costs are influencing car buyers' decision-making process. Although overall production is down from 2021, Hyundai and Kia saw double-digit jumps in July regarding green car sales.
Last month, Hyundai saw a 12% improvement over the same period last year thanks to the arrivals of the Elantra Hybrid and Tucson Hybrid plug-in. These vehicles complete an increasingly growing lineup of hybrids and EVs, including the Kona, Santa Fe, Sonata, and Ioniq 5. The Ioniq 6 is coming soon.
Like Hyundai, the brand has an increasingly complete lineup of hybrids, plug-in hybrids, and EVs available for consumers.
These are the bright spots for both companies, which, like the rest of the market, are seeing overall sales come down due to ongoing supply chain issues. Hyundai sold 60,631 units while Kia nipped ahead with 62,449 vehicles sold. Both indicate an 11% decrease compared to July 2021.
Although supply is down, demand remains high. For instance, the Tucson Hybrid specifically saw an increase of 50% in sales. Hyundai conducted no fleet sales for the month.
Meanwhile, Kia is looking forward to the future, with the launch of the updated 2023 Soul and the continuing push toward electrification in its lineup.
It's not all roses, though, as both brands are seeing a high amount of thefts of cars not being equipped with an immobilizer. Rest assured, though, the companies have spoken out about the issue, saying that every model is fitted with theft-deterrent devices for 2022 going forward.