Hyundai Motor Group is on the verge of achieving its highest market share in the United States, its largest core market. It held the line by pushing eco-friendly models, including hybrid electric vehicles (HEVs).
According to the industry and market research firm Omdia on the 14th, Hyundai Motor and Kia sold 589,936 vehicles in the U.S. market from January to April this year, up 1.3% from a year earlier. Hyundai Motor rose 0.4% to 310,218, and Kia increased 2.2% to 279,718.
Among major automakers, aside from Hyundai Motor and Kia, the only company to post sales growth during the same period was U.S.-based Stellantis (up 3.5% to 411,973). In contrast, the top three brands in the U.S. market—General Motors (down 10.2% to 858,413), Toyota (down 1.4% to 791,798), and Ford (down 10.4% to 610,121)—all saw sales decline.
Total U.S. sales were 5,016,907, down 6.7% from a year earlier. U.S. brands fell 9.5% to 2,014,207, Japanese brands declined 4.7% to 1,948,559, and European brands dropped 11.5% to 464,205.
Hyundai Motor and Kia's U.S. market share from January to April was 11.8%, up 1.0 percentage points from the same period last year (10.8%). They ranked fourth after GM (17.1%), Toyota (15.8%), and Ford (12.2%).
Following a record high annual share of 11.3% last year, expectations are that Hyundai Motor Group will surpass 12% this year. The industry also sees a chance of breaking into the top three as it narrows the gap with third-place Ford.
Hyundai Motor Group held firm in the U.S. market on the back of strong hybrid sales. With electric-vehicle tax credits under the Inflation Reduction Act (IRA) ending and rising oil prices dampening internal combustion car purchases, hybrid models effectively responded to shifting local demand, analysts said.
In fact, Hyundai Motor and Kia's hybrid sales in the first quarter jumped 53.2% to 97,627. Last month, they climbed 74.4% to 43,392, setting a new monthly high and extending the growth trend.
A Hyundai Motor official said, "We are responding flexibly to market demand through a powertrain strategy that spans all eco-friendly vehicles."