Hyundai’s Palisade SUV reached a record 110,055 units sold, up 23% from 2023. (Image courtesy of Hyundai Motor)
SEOUL, Jan. 5 (Korea Bizwire) — Hyundai Motor Group reported its highest-ever annual sales in the United States last year, cementing its position as the fourth-largest automaker in the market for the second consecutive year.
The group, which includes Hyundai, Kia, and the luxury Genesis brand, sold 1,708,293 vehicles in the U.S. in 2024, a 3.4% increase from the previous year.
This figure surpassed its prior record of 1,652,821 vehicles sold in 2023 by more than 50,000 units, marking the first time Hyundai and Kia’s combined annual sales in the U.S. exceeded 1.7 million vehicles.
Strong Performances Across Brands
Hyundai recorded a 4.8% year-on-year increase with 911,805 units sold, while Kia saw a 1.8% rise, selling 796,488 vehicles. Genesis, Hyundai’s luxury arm, achieved an 8.4% jump, delivering 75,003 units.
The group’s sales were buoyed by strong demand for sport utility vehicles (SUVs) and eco-friendly vehicles. Hyundai’s Palisade SUV reached a record 110,055 units sold, up 23% from 2023. The Ioniq 5 electric vehicle also achieved a milestone, with 44,400 units sold, representing a 31% increase.
Kia’s lineup set new annual sales records for six models, with the EV9 leading the charge. The electric SUV saw an extraordinary 1,869% sales growth, reaching 22,017 units after its late 2023 debut in the U.S.
Other standout performers included the Sportage (161,917 units, up 15%), Carnival (49,726 units, up 14%), and Telluride (115,504 units, up 4%).
This photo provided by Hyundai Motor on Sept. 24, 2024, shows the company’s revamped Ioniq 5 N electric vehicle. (Image courtesy of Yonhap)
Competitive Landscape
Hyundai’s top-selling models in 2024 were the Tucson (206,126 units), Elantra (136,698 units), and Santa Fe (119,010 units). For Kia, the Sportage, K3/K4 sedans, and Telluride took the top spots.
Despite Hyundai Motor Group’s strong performance, the U.S. market remained dominated by General Motors (2,689,346 units), Toyota (2,332,623 units), and Ford (2,065,161 units), which ranked first, second, and third, respectively.
Honda and Nissan-Mitsubishi followed Hyundai in fifth and sixth positions, with sales of 1,423,857 and 1,033,851 vehicles.
The potential merger of Honda, Nissan, and Mitsubishi could alter the rankings in the coming years, presenting a new competitive challenge for Hyundai.
Navigating Challenges
A Hyundai Motor Group spokesperson attributed the sales growth to the popularity of SUVs and eco-friendly models, despite facing challenges such as global economic uncertainty and regulatory hurdles like the U.S. Inflation Reduction Act (IRA).
As the automaker looks ahead to 2026, the company aims to build on its momentum by continuing to innovate in the SUV and electric vehicle segments, solidifying its presence in one of the world’s most competitive automotive markets.
Kevin Lee (kevinlee@koreabizwire.com)
