Raking It In
The Hyundai Motor Group increased its sales in the United States to a large extent in the first quarter of this year while recording a market share of over 10 percent in the American luxury car market for the first time since its inception.
According to industry sources, Hyundai Motor Company sold a total of 172,029 cars, 7.5 percent up from a year ago, in the U.S. during the period. Kia Motors recorded a year-on-year growth rate of 6.1 percent to 141,100 cars, too. The combined sales volume increased 6.9 percent compared to the same period last year, while the overall sales volume in the market edged up just 0.1 percent.
The rapid increase can be attributed to its increase in incentives. “American dealers asked us to increase incentives after the Detroit Motor Show in January, and Hyundai Motor America accepted the request,” said an industry source.
In the meantime, the automaker’s luxury sedans showed remarkable performance in the U.S. market as well. The combined sales volume of the Equus, the Genesis, and the K900 increased 106 percent year-on-year to reach 7,566 and account for 10.4 percent of the segment in the three-month period.
The successful performance was led by the Genesis. A total of 6,656 customers, more than 250 percent compared to a year ago, opted for it during the period, when it was second only to the BMW 5-Series (12,065 sold) and the Mercedes Benz E-Class (11,234), to take up 9.1 percent of the segment.