Hyundai Motor Group posts record sales in US in 2024

South Korea's Hyundai Motor Group said on Sunday it has posted record sales in the United States in 2024, driven by the popularity of SUVs, minivans and eco-friendly models.

Hyundai Motor Co. and its sister company Kia Corp sold a combined 1.7 million units of automobiles in the U.S. market last year, up 3.4 per cent from a year earlier, the group said.

The figure exceeded the previous record of 1.65 million units posted in 2023, reports Yonhap news agency.

Hyundai Motor saw its sales jump 4.8 per cent to 911,805 units, while Kia's sales rose 1.8 per cent to 796,488 units, the data showed.

Sales of Genesis, Hyundai's premium line, soared 8.4 per cent on-year to reach 75,003 units, the group added.

Hyundai saw sales of the Palisade SUV rise 23 per cent to 110,055 units in 2024, while sales of the Ioniq 5 electric model jumped 31 per cent to 44,400 units in the U.S. market.

"Despite global uncertainties, along with regulations such as the U.S. Inflation Reduction Act, the company was able to achieve solid performance thanks to the popularity of (SUVs, minivans) and eco-friendly models," an official from the company said.

Hyundai Motor Group, meanwhile, ranked as the fourth-largest player in the U.S. automobile market for the second consecutive year in 2024.

General Motors topped the list with 2.68 million units, followed by Japan's Toyota with 2.33 million units. Ford came in third with 2.06 million units.

Meanwhile, Hyundai Motor's annual sales slipped 1.8 per cent from a year earlier in 2024 due mainly to a decline in domestic demand. Hyundai Motor sold 4,141,791 units last year, down from 4,216,898 units sold the previous year, the company said in a press release.

Domestic sales fell 7.5 per cent on-year to 705,010 units, while overseas sales edged down 0.5 per cent to 3,436,781 units.