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Hyundai, Kia log 8.5 pct rise in U.S. sales last month despite chip shortage

Corporate Newsroom 08:45 October 05, 2022

SEOUL, Oct. 5 (Yonhap) -- Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States rose 8.5 percent last month from a year earlier despite the extended chip shortage.

Hyundai and Kia sold 115,735 vehicles in the world's most important automobile market in September, up from 106,706 units a year ago, according to the companies' sales data.

Hyundai's sales climbed 11 percent to 59,465 units last month from 53,800 a year ago, while Kia's were up 6.4 percent to 56,270 from 52,906 during the same period, the data showed.

From January to September, the carmakers' sales in the U.S. fell 8.3 percent to 1,046,446 autos from 1,141,160 during the same period of last year, the data showed.

Hyundai's sales fell 10 percent on-year to 528,298 units in the first nine months, while Kia's declined 6.7 percent to 518,148 from 555,525 during the same period.

Sales figures for Hyundai's independent Genesis brand were not immediately available.

Their sales results were partly affected by the passage of the Inflation Reduction Act (IRA). On Aug. 16, U.S. President Joe Biden signed the US$430 billion bill, which allows up to $7,500 of tax subsidies only for electric vehicles (EVs) assembled in the U.S.

The new law is widely expected to deal a blow to Hyundai and Kia, key affiliates of the group, which manufacture all of their EVs at home.

It is also putting the two Korean carmakers at a disadvantage in the U.S. market where local rivals, such as Tesla Motors Inc. and General Motors Co., build EVs and receive full state subsidies.

This file photo provided by Hyundai Motor shows the Genesis GV80 SUV. (PHOTO NOT FOR SALE) (Yonhap)

This file photo provided by Hyundai Motor shows the Genesis GV80 SUV. (PHOTO NOT FOR SALE) (Yonhap)

kyongae.choi@yna.co.kr
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