Wednesday, April 17, 2024

Is the sedan market dying? Only 2.5% of Hyundai sales come from sedans.

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Hyundai Motor reported a slight decrease in global sales for February, selling a total of 314,909 vehicles worldwide, representing a 4.1% drop compared to the same period last year. Domestic sales in South Korea also experienced a decline, with 47,653 vehicles sold, marking a 26.7% decrease from the previous year. However, international sales showed a positive trend, with 267,256 cars sold, indicating a 1.5% rise.

Among the vehicles sold in February, Hyundai Motor moved a total of 7,776 sedans, including popular models such as 3,963 Azera, 1,423 Sonata, and 2,292 Accent. The luxury brand Genesis also contributed to the sales figures, selling a total of 10,582 vehicles, comprised of 3,256 G80s, 4,652 GV80s, and 1,805 GV70s.

Hyundai Motor attributed the decline in sales to various factors, including the ongoing construction of electric vehicle capacity at the Asan plant and production line adjustments at Ulsan Plant No.3. These operational changes resulted in the suspension of production for certain models like the Azera and Elantra.

Furthermore, the company noted that the fewer working days in January due to the Chinese New Year holiday and delayed subsidy policies for electric vehicles impacted the overall sales volume in February. The delayed subsidy announcement led to minimal sales of electric vehicles during the month, contributing to the overall sales downturn.

Overall, despite the challenges faced in February, Hyundai Motor remains optimistic about future sales performance as it continues to navigate market conditions and adapt to changing consumer preferences.

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