The all-new Sonata, selling as fast as the company's plant in Montgomery, Alabama plant can produce them, saw sales soar 49 percent while the all-new Tucson continued its torrid pace with sales up 207 percent over last June.
This marks the 18th consecutive month of year-over-year retail market share gains for Hyundai, while also setting an all-time total market share record. Year to date, Hyundai sales are up 25 percent compared with 2009 and are on target to eclipse 500,000 units of annual volume for the first time ever.
"June was a very tumultuous month for the industry with declining consumer confidence, housing market instability, and unexpected financial market volatility. In the face of this adversity, we were encouraged that Hyundai continued to outperform the market and seize additional market share gains," said Dave Zuchowski, Hyundai Motor America's vice president of national sales. "The strength of our new product has driven a 45 percent pure retail sales increase while simultaneously allowing us to reduce incentive spending by about the same amount. This is having a positive impact on residual values and bodes well for what is going to be a challenging second half of the year."
Hyundai Motor America President and CEO John Krafcik is confident the company is on track for its best year ever despite a still-sluggish economy. "We think the industry is on track for about 11.3 million units in 2010, roughly half a million short of earlier analyst projections," Krafcik said. "That represents less than a million units of growth from 2009, with higher industry fleet sales accounting for the majority of that increase. We've been able to run counter to that trend at Hyundai. While our total sales are up 25 percent calendar year-to-date, our fleet sales are down 21 percent. Our growth in 2010 is a testament to the power of great products like Sonata, Tucson and Genesis to resonant with retail customers and overcome tough economic conditions."
On a year-over-year basis, Elantra, Sonata and Tucson sales increased 119, 49 and 207 percent, respectively. Genesis sales set another all-time sales record and were up 40 percent, marking the 12th consecutive month of year-over-year sales gain. For the third straight month, Sonata is the third-best selling mid-size car in the country in retail sales, well ahead of strong rivals such as Nissan Altima, Chevy Malibu and Ford Fusion.