Cox Automotive estimates third quarter sales… ‘First turnaround thanks to hybrid demand’

Cox Automotive estimates third quarter sales… “First turnaround thanks to hybrid demand”

(Los Angeles = Yonhap News) Correspondent Kim Kyung-yoon = It is predicted that Hyundai Motor Group will surpass Ford, a leading local automaker, in the U.S. market and become one of the top three companies in terms of quarterly sales.

CNBC and Bloomberg News reported on the 24th (local time) that according to an analysis by market research firm Cox Automotive, Hyundai Motor Group's U.S. sales in the third quarter of this year are estimated to be 511,421 units, beating Ford (504,172 units).

This is the sum of deliveries from Hyundai Motors, Kia, and Genesis, and while Hyundai Motor Group grew 6.5% compared to the same period last year, Ford showed a 7.1% decline.

If this figure is confirmed, Hyundai Motor Group will surpass Ford for the first time in terms of quarterly sales in the United States and become the third largest company after General Motors (GM, 671,706 units) and Toyota Motor Company (642,707 units).

Ford suffered a disruption in the supply of its popular pickup truck model last year due to a fire at a key parts supplier.

Ford also said that on a cumulative basis in August, sales are still higher than Hyundai Motors, but that "due to tariffs, exchange rates, labor costs, and supply chains, it is much more advantageous to manufacture vehicles in Korea than in the United States."

With gas prices soaring, consumers are turning to fuel-efficient hybrid vehicles rather than trucks or sports utility vehicles (SUVs), affecting sales of Hyundai Motor Company, Kia Motors, and Toyota, which have various models.

Cox Automotive explained, “Consumers are looking for options with good fuel efficiency,” and “Hyundai Motors and Kia are starting to provide such options and are securing market share.”