Toyota, Honda, and Hyundai Report Strong Sales During May, Electrified Vehicles Leading The Way

by Joseph Szczesny | June 3, 2024

Automakers post strong May sales numbers as they prepare for summer sales surge. Toyota and Lexus have strong showing while Kia and Hyundai bank on EVs.

Sales came stronger than expected for automakers during the month of May.

Reports of slowing of new vehicles as Toyota, Lexus, Honda, and Hyundai all posted double-digit increases in May, which is a critical month for new vehicle sales, while Hyundai and its South Korean partner, Kia, also reported record sales of electric vehicles.

Toyota and Lexus post strong sales in May.

Lexus helped Toyota post May strong sales

Toyota Motor North America reported Toyota Division sales for the month of May totaled 184,693 vehicles, up 15.4% on a volume basis, while Lexus Division sales for the month totaled 31,918 vehicles, up 17.3% for the best-ever sales during May.

Toyota, with its balanced lineup of passenger cars, truck, and utility vehicles is emerging as the best-selling brand in the U.S. TMNA’s May 2024 U.S. electrified sales totaled 85,335 vehicles, up 68.7% on a volume basis, representing 39.4% of total sales volume for the month compared to 27% during May of last year. Honda brand sales topped 114,000 units in May, up 14% year-over-year. It was the fourth straight month Honda’s sales topped 100,000 units. CR-V sales top 30,000 units for the fourth straight month, with May hybrid sales topping 50% of mix, while sales of Honda Civic topped 20,000 units. Acura sales, however, dropped 11.3%.

EVs give Hyundai and Kia sales a charge

Hyundai and Kia revealed EVs helped put a charge into their May sales numbers

Led by strong EV sales, Hyundai Motor America reported total May sales of 78,485 units, a 12% increase compared with May 2023. Sales of the battery-electric Hyundai Ioniq 5 increased 82.6%. Hyundai’s total EV sales were up 42% in May. “We continue seeing great success in our eco-friendly line-up with an overall 50% increase year over year,” said Randy Parker, CEO, Hyundai Motor America. “Both EVs and Hybrids continue to gain popularity with Hyundai’s newest HEV, the 2024 Santa Fe gaining 116% year-over-year and our award-winning Ioniq 5 family increasing 82%. We’re proud to also announce Hyundai has America’s Most Awarded EV Lineup in the industry,” Parker said.

On the strength of best-ever sales performances by the EV9 and Sportage nameplates, Kia America delivered more EVs and SUVs in the U.S. in May than any previous month in company history. Kia achieved sales growth in May with 75,156 units sold during the month.

Kia sold 2,187 EV9 SUVs, up 39% month-on-month, marking its best-ever monthly sales and the second consecutive month of sales growth. Driven by EV9 sales, Kia’s overall EV sales grew 127% year-on-year to 7,197 units, the highest EV monthly sales ever.

“With model development in line with consumer needs and strong vehicle supply, Kia continued its sales growth momentum in May,” said Eric Watson, vice president, sales operations, Kia America. “Kia offers a balanced mix of electric, hybrid and ICE models that are meeting customer demands, and we expect to see increased showroom traffic and transactions through dealers,” Watson added.

Sales beat analyst expectations

Look for sales to remain positive as new models begin to make their way into the lineup.

Analysts had been watching May sales to see if the combination of unreasonable prices and high interest rates for loans on new vehicles would begin to hobble sales heading into the summer months. However, reports from the manufacturers reporting monthly sales totals indicate sales remain strong despite fears of a broader economic slowdown, they said.