Category: Sales

Dec 18

SUV sales near double of sedans in S. Korean market

Sport utility vehicle sales in the South Korean market are projected to surpass 900,000 units in 2023 for the first time, marking a significant milestone as SUV sales rapidly approach double that of sedans.

There were 856,362 new SUV registrations, including recreational vehicles, in the first 11 months of 2023, data from the Transport Ministry analyzed by the CarIsYou data lab showed Monday. This exceeds the 837,948 SUV units sold throughout 2022 and represents the highest annual total since 2014.

SUV sales have overtaken sedans in market share since 2019 and the disparity has widened each year — from 7.3 percentage points in 2020 to 16.2 percentage points in 2021 to 23.72 percentage points last year. Annual SUV sales until last month were 1.86 times greater than sedans, compared to 1.69 times in 2022.

Given an average of 77,851 monthly SUV sales this year and typically heightened fourth quarter vehicle purchases, December registration figures should propel the 2023 total over 900,000. Consequently, SUVs are also projected to account for over 60 percent of the passenger vehicle market share for the first time.

Just a decade prior in 2014, SUVs only had a 33 percent share, with total sales of 464,470 units — nearly half the projected figure this year. The rapid rise in popularity began with 30 percent year-over-year SUV sales growth in 2015, fueled by the success of KG Mobility’s compact SUV Tivoli, coupled with a newfound interest in “chabak,” or car camping, made more viable with SUV cabins.

Sales continued climbing over subsequent years, further accelerated by the COVID-19 pandemic that spurred a 13.9 percent SUV sales increase in 2020.

The top 10 domestic models year-to-date reveal seven SUVs, the report showed. The Hyundai Grandeur sedan topped the list and was followed by the Kia Sorento, Kia Carnival and Kia Sportage SUVs.

Nov 21

Hyundai Motor Group Surprisingly Beat GM, Ford At EV Sales In Q3 2023

With the third quarter of 2023 fully in the rearview mirror, we can assess the biggest winners in the U.S. race for electric vehicle supremacy. And from the data we’ve seen, it looks like the Hyundai Motor Group’s “hold the line” strategy on EVs is working out nicely—all while some rivals start to slow their roll a bit.

Following our battery electric vehicle sales analysis of the U.S. market concerning individual brands—including volume and share of BEVs in the total volume—today we will take a closer look at the larger automotive groups. The report includes 11 manufacturers for which consistent data are available: BMW Group (BMW and Mini, but without data for the Mini Cooper SE model), Ford Group (Ford and Lincoln), General Motors (the BrightDrop delivery van division, Buick, Cadillac, Chevrolet, GMC), Hyundai Motor Group (Hyundai, but without data for the Hyundai Kona Electric model, Kia and Genesis), Mazda, Mercedes-Benz (excluding its van division), Nissan, Subaru, Toyota Group (Toyota and Lexus), Volkswagen Group (Volkswagen, Audi and Porsche) and Volvo.

Newer companies like Tesla, Rivian, Polestar or Lucid do not break out sales by country or region. Some of the traditional brands also do not report BEV sales in the U.S. or do not sell any BEVs at all in the U.S. (Stellantis), thus they are excluded from the comparison.

BEV Sales By OEMs – Q3 2023

We estimate that the listed 11 traditional automakers represent more than 40 % of the total BEV sales in the U.S. Tesla controls more than half of the market, while the remaining 10% or so is distributed through the rest of the industry. We also anticipate Tesla’s share of the market will decrease and be less than 50% in the not-too-distant future—which is still a lot.

It’s especially notable and interesting that Hyundai Motor Group sold more all-electric cars—28,556 plus an unknown number of Hyundai Kona Electrics since those aren’t broken out—than any other automotive group, excluding Tesla. This is an outstanding result, far outpacing Ford (20,962) and General Motors (20,092), both of which were basically matched by the Volkswagen Group (20,295)—another surprise.

It’s also worth noting that Hyundai, Kia and Genesis together were able to become number one despite being almost completely excluded from the $7,500 federal tax credit incentive outside of leasing. Once the South Korean group starts local production of its mainstream models in the United States, the incentive should be available also when purchasing the car, which will make it an even stronger contender.

The Volkswagen Group is already producing its main model (ID.4) in the U.S., earning full eligibility for the federal tax credit, and this probably helped push it over 20,000 sales recently. Ford and General Motors had a hard time earlier this year, so their results are disappointing, but with a big potential to fight back in the coming quarters if the automakers don’t get too conservative on the EV front.

Meanwhile, let’s also note how strong the German premium brands are. BMW Group clocked 13,079 EV sales without the Mini brand, and Mercedes-Benz came in at 10,423 sales. For reference, Toyota Group barely exceeded 4,000, while Stellantis isn’t even in the game yet.

New All-Electric Car Sales In Q3 2023 – U.S.

  • Excludes Tesla and other OEMs for which data was not available
  • Hyundai sales without the Hyundai Kona Electric model
  • BMW Group sales without the Mini Cooper SE

In terms of how EVs stack up in these companies’ total sales, we can see a very strong position for the foreign automakers—mostly the premium ones, like Mercedes or BMW Group.

But for now, this metric is a bit skewed. Not all brands within particular groups are even offering BEVs, which lowers the average of the large groups compared to single-brand automakers.

All-Electric Car Share In Total New Sales In Q3 2023 – U.S.

Here is a tree map version of the chart:

  • Excludes Tesla and other OEMs for which data was not available
  • Hyundai sales without the Hyundai Kona Electric model
  • BMW Group sales without the Mini Cooper SE
  • Mercedes-Benz (excluding vans)

BEV Sales By OEMs – Q1-Q3 2023

Year to date, this Q3 result means Hyundai Motor Group is the largest automaker after Tesla for all-electric car sales volume in the U.S. The result is at least 61,865 sales.

GM is noticeably behind with 56,414 units. A big surprise is that the Volkswagen Group with 49,995 units is ahead of Ford at 46,671, which in the previous years outlined a plan to be the no. 2 electric automaker after Tesla. If that happens, it’s not gonna be in 2023.

Next, we can see the BMW Group (at least 31,043) and Mercedes-Benz (29,691). The German duo of premium brands, when counted together, would be almost as big as the Hyundai Motor Group.

We can guess, that Rivian also sold at least 30,000 all-electric vehicles during the first three quarters, because of the 30,240 new registrations during the period, according to Experian (via Automotive News).

Nissan recorded 15,503 sales, Volvo 10,843, while Toyota and Lexus together netted almost 9,000.

All the numbers are overshadowed by close to a half million Tesla EVs sold this through Q3.

New All-Electric Car Sales In Q1-Q3 2023 – U.S.

  • Excludes Tesla and other OEMs for which data was not available
  • Hyundai sales without the Hyundai Kona Electric model
  • BMW Group sales without the Mini Cooper SE

Now, let’s take a quick look at the share of all-electric cars in the total sales. The market average for non-Tesla vehicles is probably around four % (potentially closer to three % in the case of the traditional brands.)

It means that only a few traditional OEMs are pushing BEVs really hard: Mercedes-Benz, Volvo, BMW Group and Volkswagen Group, with Hyundai Motor Group as the last one, noticeably above average.

These automotive groups are either directly premium and luxury ones, or include premium and luxury brands. In the case of the Hyundai Motor Group, the relatively high share of BEVs in the total sales appears to be a result of the company’s strategy to seriously invest in the all-electric future.

Ford and GM’s results are average, but let’s note the challenges both companies experience and that some of their brands are not yet offering BEVs. On top of that is a large share of pickup trucks, which electrification barely started in general.

All-Electric Car Share In Total New Sales In Q1-Q3 2023 – U.S.

Here is a tree map version of the chart:

  • Excludes Tesla and other OEMs for which data was not available
  • Hyundai sales without the Hyundai Kona Electric model
  • BMW Group sales without the Mini Cooper SE
  • Mercedes-Benz (excluding vans)

This year, all-electric vehicle sales in the U.S. should easily exceed one million units for the very first time. Some 850,000 units were registered through September (including almost 490,000 or 57% for Tesla), according to Experian.

Nov 21

Amazon 2023 Sale: Top Car Air Purifiers for a Refreshing Drive – Save Up to 55%

Transform Your Driving Experience with Amazon’s 2023 Sale

This year’s Amazon Sale offers a fantastic opportunity to enhance your driving experience with top-rated car air purifiers. As you embark on long journeys, these purifiers can help maintain a fresh and aromatic environment in your vehicle, even amidst traffic and warm weather. With discounts of up to 55%, now is the perfect time to invest in your driving comfort.

Benefits of Upgrading Your Car Air Purifier

High-quality car air purifiers not only improve air quality by removing pollutants but also contribute to a more pleasant and enjoyable ride. Whether you’re dealing with allergens, odors, or smoke, these devices offer effective solutions to keep the air in your car clean and refreshing. Don’t miss out on this chance to upgrade your car’s air purifier and drive in comfort all year round.

Nov 20

Classic Car Extravaganza: Mecum’s Las Vegas Auction Hits $2.9 Million in Record Sales

Record-Breaking Sales at Mecum’s Las Vegas Auction

The 2023 Mecum Auction in Las Vegas showcased some truly remarkable vehicles, with the top 10 highest-selling cars making a stunning impact. Collectively, these prized automobiles amassed an impressive total of $2.9 million, highlighting their extraordinary value and appeal. The event underscored the growing enthusiasm for high-end and classic cars, drawing collectors and enthusiasts from across the globe.

A Glimpse into Automotive Elegance and Investment

Among the standout sales were iconic models that exemplify automotive excellence and investment potential. The auction not only celebrated the craftsmanship and history of these vehicles but also demonstrated the strong market demand for rare and sought-after models. This trend reflects a broader appreciation for classic cars as both timeless treasures and valuable assets in today’s automotive market.

Nov 20

BMW and Mercedes Lead the Charge: EVs Comprise 15% of Their U.S. Sales in Q3 2023

The Growing Influence of Electric Vehicles

When assessing the electric vehicle (EV) market, it’s crucial to look beyond just sales volume and consider the percentage of battery electric vehicles (BEVs) in each automaker’s total sales. This metric provides insight into how well companies are advancing their electrification goals. For instance, BMW and Mercedes-Benz are showing notable progress, with BEVs making up 15.6% and 14.7% of their U.S. sales, respectively, reflecting their commitment to a more sustainable future.

Industry Trends and Future Projections

In Q3 2023, premium brands led the way in BEV adoption, with Volkswagen and Audi also showcasing strong performances. The industry average for BEV share stands around 7-8%, significantly influenced by Tesla’s dominant market presence. Looking ahead, traditional brands are expected to see increased BEV adoption, with predictions suggesting that by 2024, they could reach a 20% share in electric vehicle sales, while mainstream brands like Volkswagen are already approaching this milestone.

Nov 20

Unbeatable Deal: Save $220 on the Roborock Q Revo Vacuum and Mop Combo

Incredible Savings on a Smart Home Essential

This Black Friday and Cyber Week, seize the opportunity to get the Roborock Q Revo vacuum and mop combo at a record low price. The bundle, which includes a high-tech smart dock, is available with an impressive $220 discount. This offer represents a fantastic chance to upgrade your home cleaning routine with top-of-the-line technology.

Why the Roborock Q Revo is a Must-Have

The Roborock Q Revo stands out for its advanced features and efficiency, combining powerful vacuuming with effective mopping capabilities. Its smart dock enhances convenience by automatically emptying the dustbin and refilling the water tank, making cleaning less of a chore. Don’t miss this limited-time offer to enhance your home’s cleanliness with cutting-edge technology at an unbeatable price.

Oct 18

Mercedes-Benz Sets New Record for Electric Vehicle Sales in Q3 2023

Record-Breaking Electric Vehicle Sales

Mercedes-Benz has achieved a significant milestone in electric vehicle sales for the third quarter of 2023. Despite a slight decline in overall car sales to 510,600 units—down nearly four percent compared to the previous year—the company has seen remarkable growth in its electric vehicle segment. Sales of battery electric vehicles (BEVs) surged to 61,600 units, marking a 66 percent increase from the same period last year and accounting for 12 percent of their total sales.

Growth in Plug-In Hybrid and All-Electric Vehicles

In contrast to the rise in BEV sales, plug-in hybrid vehicle (PHEV) sales experienced a 19 percent decline to 36,800 units. However, the overall market share for plug-in cars has expanded, reaching a record 19.3 percent with a total of 98,400 units sold. The U.S. market, in particular, has seen impressive growth, with BEV sales surpassing 10,000 units, highlighting its role as one of the fastest-growing regions for Mercedes-Benz.

Outlook for the Year

Looking ahead, Mercedes-Benz is on track for a record-breaking year, driven by a robust lineup of new all-electric models. With over 286,000 plug-in vehicles sold so far this year, including more than 174,000 all-electric cars, the company is solidifying its position in the electric vehicle market. The growth in BEV sales mirrors trends observed across the industry, reflecting a broader shift towards sustainable automotive solutions.

Oct 18

Porsche Taycan Sees Global Sales Surge in Q3 2023

Porsche’s Q3 Sales Overview

Porsche’s global car sales for the third quarter of 2023 reached 75,368 units, a slight decrease of 0.4% compared to the same period last year. Despite this dip, the total sales for the first nine months of the year have risen by 9.6% to 242,722 vehicles. The all-electric Porsche Taycan, which includes the Taycan, Taycan Cross Turismo, and Taycan GTS, saw a remarkable 60% increase in sales, reaching 9,894 units, marking the highest quarterly result since Q4 2021.

The Taycan’s Recovery and Future Prospects

The Taycan, Porsche’s pioneering all-electric model, had struggled with declining sales for over a year, hitting a low of 6,196 units in Q3 2022. Supply chain issues had previously hampered production, but these appear to be resolved, as evidenced by the Taycan’s resurgence. Representing over 13% of Porsche’s total sales last quarter, the Taycan’s performance indicates a strong recovery and highlights the need for more mainstream electric models, such as the upcoming all-electric Porsche Macan, to further boost the brand’s electrification efforts.

Oct 18

GM Delays Electric Truck Launch While Boosting Sales of Full-Size SUVs

GM’s Shift in Strategy: Delayed Electric Trucks

General Motors has announced a delay in the production of its highly anticipated electric trucks, now scheduled to begin no earlier than 2025. This decision comes despite earlier promises of a robust electric truck launch in the near future. The delay highlights GM’s shift in focus as it continues to prioritize the production and sales of its popular full-size SUVs.

Current Focus: Full-Size SUVs and Market Trends

While GM pushes back its electric truck plans, the company is capitalizing on the high demand for full-size SUVs. These vehicles remain a strong segment of GM’s lineup, driving significant sales and profits. The strategic delay in electric truck production allows GM to solidify its position in the SUV market while working to refine its electric vehicle strategy for a more impactful launch.

Oct 18

Despite Rising Fuel Costs and Pollution, SUV Sales Continue to Surge

The Paradox of Rising SUV Popularity Amidst Fuel Costs

As fuel prices soar and environmental concerns mount, one might wonder why SUVs remain so popular among drivers. Despite the financial strain of high petrol costs and the environmental impact associated with these larger vehicles, the demand for SUVs continues to grow. This trend reveals a complex consumer preference, where the allure of spacious, versatile vehicles often outweighs the increasing cost of fuel and environmental considerations.

The Appeal of SUVs in a Costly Era

SUVs offer a blend of comfort, capability, and practicality that many drivers find hard to resist, even in the face of rising fuel prices. The desire for a vehicle that accommodates family needs, provides ample cargo space, and performs well in various driving conditions can overshadow the financial and ecological drawbacks. This persistent demand highlights a significant shift in consumer priorities, emphasizing the importance of lifestyle and functionality in vehicle choices, even as costs and environmental concerns become more pressing.