The chip shortage isn’t going anywhere, at least not for now, but this doesn’t necessarily mean that everybody must face collapsing sales.
And Hyundai is just the living proof in this regard, as the American subsidiary of the company managed to dodge a horror industry forecast with solid sales during October.
More specifically, Hyundai managed to sell a total of 56,761 units in the United States last month, down just 1 percent compared to October 2020. And while this is indeed a drop, it’s not as massive as the industry expected it to be.
“Hyundai outperformed the industry with forecasts predicting a 20 percent drop in total industry sales,” the company proudly said in a press release (also embedded below).
Furthermore, Hyundai says it managed to set new October total sales records for a series of models in its lineup, including the Venue and the Kona. And the Nexo just had its best month ever.
On the other hand, when combining the sales of Hyundai and Kia, the numbers are no longer so optimistic. The two sold together 108,828 last month in the United States, and this is a drop of 4.1 percent from the same period a year ago. Kia alone declined 7.2 percent year-over-year.
Despite the challenging market caused mostly by the lack of semiconductors, Hyundai still expects its sales to go strong in the coming months. But at the end of the day, the company still doesn’t believe it’d manage to achieve its original target of 4.16 million units, so now it hopes to ship a total of 4 million vehicles by the end of the year.
On the other hand, Kia's struggle is impacting its annual sales target in a more substantial manner, so the company expects to fail to reach the original target of 2.92 million sold cars in 2021 due to all these disruptions caused by the lack of semiconductors.
More specifically, Hyundai managed to sell a total of 56,761 units in the United States last month, down just 1 percent compared to October 2020. And while this is indeed a drop, it’s not as massive as the industry expected it to be.
“Hyundai outperformed the industry with forecasts predicting a 20 percent drop in total industry sales,” the company proudly said in a press release (also embedded below).
Furthermore, Hyundai says it managed to set new October total sales records for a series of models in its lineup, including the Venue and the Kona. And the Nexo just had its best month ever.
On the other hand, when combining the sales of Hyundai and Kia, the numbers are no longer so optimistic. The two sold together 108,828 last month in the United States, and this is a drop of 4.1 percent from the same period a year ago. Kia alone declined 7.2 percent year-over-year.
Despite the challenging market caused mostly by the lack of semiconductors, Hyundai still expects its sales to go strong in the coming months. But at the end of the day, the company still doesn’t believe it’d manage to achieve its original target of 4.16 million units, so now it hopes to ship a total of 4 million vehicles by the end of the year.
On the other hand, Kia's struggle is impacting its annual sales target in a more substantial manner, so the company expects to fail to reach the original target of 2.92 million sold cars in 2021 due to all these disruptions caused by the lack of semiconductors.