HYUNDAI-GENESIS: Crossovers fuel record results

Hyundai Motor North America enjoyed a strong close to 2023 between its Hyundai and Genesis nameplates.

The South Korean brands' combined fourth-quarter sales of 224,562 were up 6.2 percent compared with the same period last year.

The Hyundai brand's fourth-quarter sales of 206,048 vehicles increased 5.1 percent over fourth-quarter 2022. Sales of its electrified vehicles, including EVs, hybrids and plug-in hybrids, posted a 35 percent increase.

Hyundai's December sales rose 4.3 percent to 75,164, marking the 17th consecutive month of year-over-year growth.

Hyundai Motor America CEO Randy Parker said in addition to robust demand for its electrified offerings, Hyundai's full portfolio of crossovers was key to its performance. Crossovers accounted for 80 percent of its sales mix at the end of the year, the highest it's ever been, Parker said.

Genesis' fourth-quarter sales increased 19 percent from a year earlier. The luxury brand also set a monthly record in December with sales of 6,803 vehicles, an increase of 10 percent over the year-ago month. It marked Genesis' 14th month in a row of sales gains.

For the full year, combined Hyundai and Genesis sales of 870,370 were up 11 percent. Hyundai rose 11 percent to 801,195 and Genesis increased 23 percent to 69,175.

Hyundai's Tucson compact crossover hit a new record, selling over 200,000 vehicles for the first time, an achievement Parker said his team had been "shooting for" for a long time.

Brands: Hyundai, up 5.1%, Genesis up 19%

Notable nameplates: Ioniq 5, up 92%; Kona, up 23%; Elantra, down 14%; Sonata, down 60%; Palisade, up 62%; Santa Cruz, down 22%; Santa Fe, up 5.8%; Tucson, up 14%; Genesis G70, down 5%; GV70, up 24%; GV80, up 23%; GV60, up 115%

Fleet mix: Hyundai's fleet sales were11% of its mix in 2023.

Inventory: Hyundai ended December with 69,097 cars and light trucks in U.S. inventory, down from 73,923 at the close of November.

Quote: "We would all like to have a little bit more demand than supply at the end of the day. Right now, we've got approximately 70,000 units in dealer inventory, and that's about where we've been the entire year. If we can maintain that level, that's a healthy book of business for us, and we'll do whatever we need to do to remain competitive in the marketplace." –Randy Parker, Hyundai Motor America CEO

Did you know? Hyundai's three-row Ioniq 7, which will be based on the Seven concept and share architecture with Kia's EV9 on sale now, will launch in early 2025.