How Does Hyundai Keep Doing It? – Sales Keep Going Up
Hyundai July 2020 Sales Success
Sales for July 2020 went up 1% for Hyundai, and retail sales rose 4%. The crazy part is SUV retail sales grew by 16%, which makes you wonder, who is buying up all these SUVs? The Palisade, one of the most expensive vehicles Hyundai makes, set another all-time monthly sales record. The Palisade just set a record in June; it’s dumbfounding for sure. The Kona also sets a sales record for July, and overall, Hyundai gained more retail market share than any other car company in 2020.
Total numbers unit sales reported for July 2020 is 57,677. Compared to 2019, this is a 1% increase from July 2019, and that’s when the economy was doing good. SUV trend is continuing strong, 67% of the total retail sales mix consisted of SUVs, and this number grew by 16%. This retail sales growth Hyundai keeps experiencing is now the third consecutive month of growth, with a 4% growth for July 2020.
Hyundai Sales Issues
The only area where Hyundai is suffering is fleet sales. Fleet sales are down 32%, which sounds terrible but only makes up 7% of Hyundai’s total volume. Overall, Hyundai had the biggest gain in the industry as the first six months of 2020 led to nearly a 1% growth over 2019. With all that’s going on in the world, it is incredible seeing any growth, especially since many businesses are struggling.
A total of 53,555 retail units got sold in July. As mentioned before, 67% of this number represents SUVs, leading to a 16% growth in SUV sales for Hyundai. Unbelievably, Hyundai’s flagship SUV, the Palisade, saw an 87% increase in sales leading to a new record sales month. Other models saw a boost as well, Santa Fe 9%, Kona 12%, Sonata 7%, and Accent with a 7% increase in sales.
Hyundai Sales Conclusion – How is this possible?
So how can this be possible? Hyundai sees higher sales than in 2019 to the point where specific models are even setting sales records. There’s a lot of monsters in this world driving 40-50k miles a year. Might sound unbelievable, but people need to drive, and with people putting that kind of mileage on their cars, the cost of repairs may exceed the cost of just buying a new car. Times are tough but strangely, if you need a car now is kind of the best time to buy a car. Hyundai is still offering 0% interest rates, deferred payments, and just a great product while undercutting competitors. Analysts predict that Hyundai’s sales will continue to grow this year, congrats Hyundai.
Read about Hyundai's June 2020 sales here.
Kevin Meyn is an automotive journalist for Torque News concentrating on Hyundai content. Kevin is the founder of Exhaust Sports Auto Youtube channel, where he does professional car reviews on new and used vehicles. Through the use of various resources and extended Automotive expertise, Kevin documents the latest in automotive news revolving around Hyundai. Kevin graduated from NC State University studying Supply Chain Management but has had a passion for cars since he was a child. Follow Kevin on Twitter and Instagram @exhaustsports.