Hyundai and Kia forecast to sell 1.68 million units in the U.S. this year
4th place after GM, Toyota, and Ford… Market share 10.5%
Japanese companies such as Toyota and Honda advance thanks to the weak yen
Tesla sales plummet by 6.1% and remain at around 630,000 units
Hyundai Motor Company and Kia Motors are expected to record the highest sales volume ever in the U.S. market this year and maintain their top 4 positions for the second consecutive year.
However, the market share may slightly decrease due to being pushed out by Japanese automakers.
According to Cox Automotive, an American automobile market research company, on the 23rd, Hyundai Motor Company and Kia Motors are estimated to have sold 1.69 million units in the United States, including Genesis, this year. This is a 1.8% increase from last year and is the highest score ever.
Hyundai and Kia surpassed Stellantis in the U.S. last year and ranked fourth in sales for the first time. This year, for the second year in a row, it will maintain its top 4 spot following General Motors (GM), Toyota, and Ford.
However, Hyundai Motor Company and Kia Motors’ US market share is expected to drop slightly from 10.6% last year to 10.5% this year. This means that sales growth has not kept up with the overall market growth rate.
The car company that sold the most in the U.S. this year was GM, selling about 2.69 million units. This is a 4.2% increase from the previous year, and the market share is expected to increase from 16.5% last year to 16.8% this year.
Japanese companies are the ones that stand out the most in terms of growth in the U.S. market this year. The analysis is that the demand for hybrid vehicles with technological competitiveness has increased among Japanese companies, and price competitiveness has increased due to the weakening yen, leading to an increase in sales.
Toyota, the second largest seller in the United States, is expected to record 2.34 million units, a 3.9% increase from last year. Market share also increases from 14.4% to 14.6%.
Honda also surpassed Stellantis and rose to 5th place by selling a total of 1.41 million units in the United States this year. The market share gap with Hyundai Motors and Kia narrowed from 2.2% points last year to 1.7% points this year.
After surpassing Honda for the first time in U.S. sales in 2021, Hyundai Motor Company and Kia widened the gap until last year, but were allowed to catch up again this year.
Nissan-Mitsubishi, which recently began merger discussions with Honda, sold more than 1 million units in the U.S. this year. If the merger between Honda and Nissan goes through, the company will immediately become the second-largest company in sales in the U.S., surpassing Toyota, Ford, and Hyundai Motor Company.
German companies were at a standstill this year. Volkswagen (680,000 units), BMW (400,000 units), and Daimler (370,000 units) recorded similar levels to the previous year.
Sales of all Tesla electric vehicles in the U.S. this year are expected to remain at around 630,000 units, a sharp decline of 6.1% from the previous year. Market share is also expected to drop from 4.3% last year to 4.0% this year.
Meanwhile, Kelly Blue Book, a leading U.S. automobile media outlet, predicted the total sales volume of the U.S. automobile market this year to be 15.85 million units.
This is a 2.3% increase from last year. It is estimated that the number will reach 16.3 million units next year, a 2.8% increase from this year.
Charlie Chesbrough, senior researcher at Cox Automotive, said, “The pace of vehicle sales (in the U.S. market) continues to accelerate at the end of this year,” adding, “Consumers who are concerned about the reduction of electric vehicle discount benefits and tariff policies ahead of the inauguration of the Donald Trump administration are making purchases.” said.
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