Hyundai, Kia Continue to Set Records, Lead February Sales Gains
Hyundai and Kia enjoyed a fifth consecutive month of record U.S. new vehicle sales and year-over-year gains in February, Automotive News reports. Hyundai-Kia sales were up 5.5% overall compared with February 2023, led by a 20.4% improvement for models belonging to the premium Genesis marque, including the GV70 SUV.
Other winners in February include Subaru (4.1%), which notched its 31st straight month in the plus column, and Mazda (2.5%), which set a February record with 33,538 units sold. Ford (-8.2%), Toyota (-4.9%) and Honda (-2.8%) recorded year-over-year decreases.
General Motors and Stellantis are among the manufacturers that do not report monthly new vehicle sales to the Automotive News Data Center.
AN’s David Phillips notes factory incentives, as reported by J.D. Power and GlobalData, were up 23% to an average of $3,227 per new vehicle retailed.
“Strong consumer demand, aided by rising incentives, is pushing the market,” Phillips reports. “J.D. Power and GlobalData said February will be the fifth consecutive month of year-over-year retail sales growth. Weaker fleet deliveries, however, are expected to hold down the total: They projected a decline of less than 1 percent.”
