Demand for the Korean automaker's offerings is through the roof.
Hyundai currently offers one of the strongest vehicle ranges in the USA. Its offerings are competent, well-made, and, above all else, represent superb value for money. But it's not stopping there. With the Ioniq 5, the Korean brand has added a desirable electric vehicle to the range and its image has been further boosted by its N performance cars and carefully selected product placements.
These efforts are paying off, with the company's North American subsidiary reporting record sales in February. Last month, the brand managed to shift 52,424 units in the USA, which represents an 8% increase compared to the same period in 2021. This was achieved despite the lack of lucrative fleet sales, with the Tucson (12,928), Palisade (7,408), and Venue (2,176) leading the sales charge. These three models saw sales rise by 37%, 17%, and 16%, respectively.
"Our recent marketing efforts with Tucson and Ioniq 5 have worked well to generate awareness in competitive segments. Shoppers are recognizing our award-winning SUV lineup and we intend to keep the momentum and market share gains going," said Hyundai Motor America's Randy Parker.
As mentioned by the senior vice president, it is the ever-popular SUV that was key to Hyundai's strong February results. SUV sales increased by a notable 32% and represented 77% of the company's total retail volume. But it's the eco-friendly vehicle sphere that saw the most growth, with sales growing by an incredible 278%. This is undoubtedly down to the Ioniq 5, a stylish electric vehicle with an appealing base MSRP of $43,650 before incentives.
But the results also reiterate some sad truths. We've known for quite some time that the sedan, as an entity, is dying. Hyundai's sales figures reflect this, with a mere 3,037 examples of the Sonata recorded on the sales sheet. This represents a 51% decline; during the same period last year, the Korean marque managed to shift 6,202 examples. A similar decline was seen for the value-conscious Accent, of which just 744 units found homes.
The biggest losers for the automaker are the Veloster and Nexo. While we can understand that just 25 units of the Nexo were sold - it's rather pricey and limited to California - the big surprise comes in the form of the Veloster, with just 171 examples leaving the showroom.
Still, the overall figures are impressive, especially considering the ongoing chip crisis that is plaguing almost all manufacturers. Interestingly, Hyundai has managed to find solutions for it, for the most part, even looking at the use of home appliance chips in place of the scarce automotive items.