Hyundai Reports Record Sales, Auto Industry Beating Projections
Rumors of the automotive industry’s demise have been greatly exaggerated. As the shadow of the pandemic lifts and supply issues resolve, major automakers such as Hyundai Motor American are reaping the rewards of a rejuvenated marketplace.
According to a recent report released by Hyundai, the company set a new record for year-over-year sales growth -- beating sales in 2022 by a hefty 27%.
“It’s just been an amazing trend for five months in a row for the Hyundai brand to be able to be so successful in the market,” Hyundai’s Robert Burns said.
Scrambling for parts just a few years back and struggling to maintain adequate inventory, Hyundai is now able to match demand with supply in a way that wasn’t possible in 2020.
“In the pandemic period, because of lack of availability as semiconductor components, we weren’t able to build that volume of vehicles that really needed to be in the marketplace,” Burns said. “That has seemed to have subsided right now, so that’s translated into better availability at our dealerships.”
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A renewed market and supply of vehicles have been a double-edged sword for consumers. As the automotive industry climbs out of its early-decade doldrums, total transaction prices are skyrocketing. However, there is a noticeable upside for customers as the very act of car buying evolves with the times.
“When you can order a car just like you want versus, you know, browsing the lot and kind of picking what’s available and maybe making the wrong decision You have a better option, a better choice,” Reinhart Lexus GM Dan Knotts said. “The manufacturers, the dealers, you know, learned a different way to accommodate the customer.”
Per a Wall Street Journal report, auto sales in the United States are projected to surpass 3.5 million in the first quarter of 2023. That would represent a six-percent jump over the same quarter in 2022. And with profits surging per unit, this could be one of the most lucrative quarters the automotive industry has seen in quite some time.
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