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Hyundai Motor America Hits Record Sales In August 2024, Eco-Friendly Models Lead
Hyundai Motor America announced record-breaking total August sales of 79,278 units, marking a 22% increase compared to August 2023. Retail sales also surged by 28%, driven by strong performances from models like the IONIQ 5, Santa Fe HEV, Tucson HEV, and Palisade. Hybrid and electric vehicle (EV) sales saw significant growth, with hybrid-only retail sales jumping 81% and retail EV sales climbing 27%, led by a 74% increase in IONIQ 5 sales.
Hyundai's eco-friendly vehicles experienced a notable rise in retail sales, up by 49% in August. This segment now represents 25% of Hyundai's retail market. The Tucson ICE saw a 36% increase in retail sales, while the Tucson HEV and Palisade recorded impressive gains of 113% and 65%, respectively. Fleet sales accounted for just 7% of the total sales for the month.
Randy Parker, CEO of Hyundai Motor America, expressed his satisfaction with the company's performance. "This was a record-setting August for Hyundai in total and retail sales," he said. "Our entire line-up performed very well but our retail hybrid product mix led the pack with a year-over-year increase of 81%. Kudos to our retail partners who were moving inventory at record pace this month."
The IONIQ 5 N high-performance electric SUV won Car and Driver’s prestigious EV of the Year accolade for the third consecutive year. This follows previous wins by the IONIQ 6 in 2023 and the standard IONIQ 5 in 2022. Additionally, Hyundai received six awards in the 2024 Newsweek Autos Awards, including Best Vehicle for First-time New Car Buyers for the Hyundai Elantra.
In terms of marketing initiatives, Hyundai launched an integrated campaign titled "Drive-In" for the All-New 2025 Tucson. This campaign highlights key safety and technology features of the new model. Furthermore, Hyundai was named the top mass-market brand in J.D. Power’s U.S. Tech Experience Index Study for the fifth consecutive year.
Corporate Developments
During its CEO Investor Day in 2024, Hyundai Motor Company outlined its mid- to long-term strategy known as ‘Hyundai Way’. The company aims to enhance its competitiveness in electric vehicles (EVs) and hybrids while advancing battery and autonomous vehicle technologies. Additionally, S&P Global upgraded Hyundai’s credit rating from ‘BBB+’ to ‘A-’, reflecting a stable outlook for the company.
The table below summarises Hyundai's total sales figures for August compared to last year:
{TABLE_X}Hyundai Motor America offers a diverse range of cars, SUVs, and electrified vehicles to U.S. consumers. The company supports Hyundai Motor Company’s vision of Progress for Humanity through its extensive operations across North America. These include headquarters in California, an assembly plant in Alabama, and several R&D facilities.
The economic impact report highlights that these operations contribute $20.1 billion annually to the U.S. economy and support approximately 190,000 jobs through Hyundai’s network of independent dealers.
The following table provides detailed model-specific sales data:
{TABLE_X}Hyundai continues to make strides with its innovative products and strategic initiatives aimed at maintaining its competitive edge in the automotive industry.
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