Several major automakers saw new vehicle sales rise in January compared to last year — though a few brands bucked the trend.
Honda, Mazda and Subaru saw new vehicle sales rise year over year as inventories continued to recover and consumer confidence reached its highest level in two years. Mazda had a great month, posting its best-ever January sales in the U.S.
Hyundai and Kia, meanwhile, saw sales slip last month despite record-setting sales in 2023.
“January was a difficult month with economic challenges and interest rates making it a tough retail environment,” said Hyundai Motor America CEO Randy Parker in a statement.
However, it was not all bad news for Hyundai and Kia: Like most other automakers, they increased their electric vehicle and hybrid sales. Hyundai reported that its EV and plug-in hybrid sales rose a combined 77% year over year, with EV sales increasing 42% YoY. Kia, meanwhile, saw its EV sales rise 57% YoY.
“We’ve established a solid foundation to build upon as the industry transitions to electrified models,” said Eric Watson, vice president of sales operations at Kia America, in a statement.
