Hyundai and Kia Lead Double-Digit Sales Growth in US Auto Market.
Hyundai Motor America reported its best March ever in the US, with a total monthly sales record of 75,404 vehicles, including the first-ever sales of the all-new Hyundai Ioniq 6 (222 units) and 2,114 units of the Hyundai Ioniq 5. However, the volume of Ioniq 5 weakened by 22% YoY. The total Hyundai Ioniq 5/Ioniq 6 sales amounted to 2,336 (down 13% YoY), which represents about 3.1% of the total volume. Hyundai's BEV sales are suffering due to the Inflation Reduction Act of 2022 (IRA), which removed the $7,500 federal tax credit for imported BEVs, and supply constraints.