Automakers post strong sales for July as the industry still deals with high interest rates and the aftershocks from the CDK computer hack.
Automakers posted strong sales numbers for the month of July despite lingering challenges.
American Honda led the way in July increasing sales by 8% despite high interest rates and the hangover from CDK computer problems, which held up closing at the beginning of the month,
Subaru, Lexus, and Kia also posted sales increases for July. But Toyota, Acura, Genesis, and Kia all reported small declines in sales for July.
Honda is hot right now
Honda and Subaru reported strong increases in vehicle sales.
Honda remains one of the hottest brands with 9.9% sales increase last month while Acura-brand sales dropped 7.3. Overall, the Honda brand continues to build sales momentum, topping 109,500 units in July, and the sixth straight month above 100,000 units. Brand is up almost 12% for the year.
Honda’s electrified sales top 27,600 units or more than 22% of American Honda’s total sales, led by hybrid-electric versions of CR-V and Accord plus the recently launched Civic, and new Prologue EV
Prologue sales reach 3,458 units in July, as awareness builds and national rollout accelerates, while CR-V sales top 34,000 units, and sixth straight month above 30,000 units, with July hybrid sales representing nearly 50% of the mix
Subaru of America, Inc. reported 51,702 vehicle sales for July 2024, a 2.6% increase compared with July 2023 (50,389). SOA also reported year-to-date sales of 374,145, a 5.5 percent increase compared with the same period in 2023.
Hyundai enjoys solid month in July.
Hyundai also enjoyed a solid performance in July with sales for its SUV models playing a key role.
Hyundai Motor America reported total July sales of 69,202 units, a 4% increase compared with July 2023. Hyundai set total sales records in July for Elantra HEV, Santa Fe HEV, Tucson HEV, and Palisade. Hyundai’s total hybrid sales were up 67% in July. Retail sales of electric, hybrid, and plug-in hybrid vehicles represented 25% of the retail sales mix, with IONIQ 5 retail sales increasing 1.4%.
“Despite a challenging start to July as the CDK disruption began to resolve, Hyundai achieved a solid 4% increase in total sales, fueled by our HEV and EV lineup,” said Randy Parker, CEO, Hyundai Motor America. “Our overall total sales results in July reflect the sustained consumer demand for diversified product portfolio.”
Toyota slips in July, but Lexus gains
Toyota Motor North America reported July 2024 U.S. sales of 181,894 vehicles, down 5.1% on a volume basis. Toyota Division sales for the month totaled 153,040 vehicles, down 8.3% on a volume basis. Lexus Division sales for the month totaled 28,854 vehicles, up 16.1% on a volume basis.
Kia America’s positive electrification trajectory continued with record-setting July sales performances. Notably, year-to-date volume of EV models experienced an increase of 99-percent year-over-year through July, reinforcing Kia’s leadership position in the global electric vehicle market.
“Kia anticipated the shifting market trends and we proactively responded by improving our range of sustainable electrified models including hybrid, plug-in hybrid and all-electric models,” said Eric Watson, vice president, sales operations, Kia America.
“We’ve also seen more and more consumers gravitate to the Kia brand for our award-winning SUVs including the record-breaking Seltos and Sportage models. As we expand our electrified offerings with the first-ever hybrid Carnival MPV over the next few months, we are confident that consumer interest in the Kia brand will continue to strengthen,” Watson added.
More Sales Stories
- Hackers Hijack June Sales, Automakers Report Mixed Sales Picture
- Japanese Automakers Post Strong April Sales Numbers, Korean Automakers See Sales Dip
- March Auto Sales Look Strong – But Affordability Remains an Issue
Genesis reports small drop in sales
Genesis posted a small drop in sales as the company accelerates into the hybrid vehicle market.
Genesis, the third South Korean brand in the Hyundai family and the U.S. market, reports a small drop in sales to 6,194 units from 6,330 units.
When all the sales are tallied, J.D. Power predicted the seasonally adjusted annualized rate or SAAR for total new-vehicle sales is expected to be 16.7 million units, up 0.7 million units from July 2023 and the highest in over three years.
Total new-vehicle retail sales for July 2024 are expected to increase from a year ago. Retail sales of new vehicles are expected to reach 1,135,300, up 5% from July 2023, according to J.D. Power.
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