Hyundai, Kia Buck Economic Trends With Record EV Sales; Mazda, Consumer Confidence Soar
Hyundai and Kia, despite facing economic headwinds and high interest rates, saw an increase in electric vehicle and hybrid sales in January. Meanwhile, Mazda achieved its best-ever January sales in the U.S., and consumer confidence reached a two-year high.
Hyundai Motor America CEO Randy Parker attributed the January sales decline to economic challenges and high interest rates. Despite this, Hyundai and Kia reported a combined 77% year-over-year increase in EV and plug-in hybrid sales. Kia, specifically, saw a 57% rise in EV sales.
Mazda, on the other hand, celebrated its best January sales ever in the U.S., led by President and CEO Tom Donnelly. The Japanese automaker joined Honda and Subaru in seeing new vehicle sales rise year over year in January. This positive trend was mirrored in consumer confidence, which reached its highest level in two years. Eric Watson, vice president of sales operations at Kia America, noted the industry's shift towards electrified models.
While Hyundai and Kia's overall sales slipped in January, their commitment to electric vehicles and hybrids showed promise. Mazda's strong sales performance and the growing consumer confidence indicate a positive start to the year for the automotive industry.
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