The Hyundai Motor Group is closing the gap to Stellantis in U.S. sales and may soon take the fourth spot from its rival.
The Hyundai Motor Group which includes Hyundai, Kia, and Genesis, sold a total of 1,474,224 vehicles in the United States throughout 2022, only slightly trailing Stellantis by 79,261 units. The South Korean car maker’s sales were spurred on by a very successful Q4 that saw it sell some 386,898 vehicles, outpacing the 349,542 vehicles that Stellantis sold over the same three-month period.
Last year marked the second-best sales year for the Hyundai Motor Group in the U.S. with sales 1 percent lower than they were in 2021. Hyundai managed to overtake Honda to take out fifth place last year.
The Korea Times reports that Hyundai Motor Company sold 724,265 vehicles in 2022 while Kia shifted 693,549 vehicles, and Genesis sold 56,410 vehicles. It outsold Honda by 490,717 vehicles, a significant achievement considering that in 2021, the two companies were separated by just 22,448 units. This is primarily because Honda’s sales plummeted by 32.9 percent last year to 983,507 units.
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“Hyundai Motor and Kia Corp. made good progress last year based on their marketability in the U.S., but this year a slowdown seems likely as there are many hurdles to overcome, such as the Inflation Reduction Act (IRA),” an industry official noted. “It is expected that the company will strive to maintain its market share based on various electrification strategies, such as the recent completion of an EV production plant in the U.S.”
