Despite the dominance of the SUV market in the American auto industry, certain automakers still see potential in traditional sedans. Hyundai, for instance, is focusing on boosting sales of its Elantra and Sonata models in 2024 following recent updates.
Hyundai Motor North America CEO Jose Muñoz aims for “double-digit growth” in sales of these sedans this year, considering them crucial for profitability. He acknowledges the importance of increasing production to meet demand.
He notes that some potential sales are lost due to insufficient trim and version availability at dealerships, especially as customers seek more affordable options amidst higher interest rates.
In 2023, Hyundai saw a notable 11 percent increase in overall vehicle sales compared to 2022, reaching 801,195 units. Achieving another 10 percent increase in 2024 would mean delivering around 881,315 cars.
However, the year got off to a slow start in January 2024, with Hyundai delivering only 47,543 vehicles, marking a 9 percent decline from the same period in 2023.
The newly updated 2024 Elantra, launched in fall 2023, features a redesigned front end with sleek LED running lights and a distinctive rear diffuser. Despite its enhancements, January 2024 sales of the Elantra dropped by 20 percent compared to the previous year. The base model starts at $22,775, with the top-tier N model priced at $34,850.
Similarly, the 2024 Sonata received updates including a redesigned front end with slimmer headlights, a tech-savvy interior boasting dual 12.3-inch screens, and optional features like a head-up display and Bose stereo system.
Hyundai introduces all-wheel drive in the Sonata, alongside the standard front-wheel-drive configuration. However, January 2024 saw a 36 percent decrease in Sonata sales compared to the same period in 2023, despite starting at $28,650.
Although Hyundai’s Tucson remained its bestseller in January 2024, with 11,116 units delivered, there was an 8 percent drop from the previous year. This indicates that while Hyundai is making efforts to promote its sedans, SUVs like the Tucson continue to dominate consumer preferences.
