Sales Growth Continues Despite Strong New Competitors
Lower Fleet Sales, Segment’s Lowest Incentive Spending Demonstrate Enduring Consumer Appeal of Sonata’s Game-Changing Product Recipe
COSTA MESA, Calif., Dec. 27, 2012 – Hyundai’s benchmark-setting mid-size Sonata broke its all-time yearly sales record this week, surpassing the 225,961 sales it logged in its record-setting performance last year. Sonata joins the Elantra, Veloster, Genesis, and Equus in setting all-time sales records for Hyundai in 2012.
“Sonata’s redesign in early 2010 demonstrated that mid-size sedans that paired bold design and fuel-efficiency with long-time segment essentials such as roominess, safety and durability could really break through,” said John Krafcik, president and CEO, Hyundai Motor America. “We’d like to think Sonata helped spur on the latest generation of bolder mid-size sedans, and we’re happy to see that this new competition hasn’t dented Sonata retail sales, which are now running third behind only Camry and Accord in December.”
Sonata’s retail sales mix demonstrates the strength of its segment-first all-four-cylinder powertrain offering, including the well-equipped GLS, sport-focused SE, premium Limited, and fuel-efficient Hybrid. Through November, 52 percent of Sonata sales were GLS, 18 percent SE, 22 percent Limited, and eight percent Hybrid. Performance enthusiasts drove the mix of the 274-horsepower 2.0T turbo-charged model, available on both SE and Limited, to 13 percent of retail Sonata sales.
While the mid-size segment as a whole experienced a significant 20 percent growth in fleet sales (primarily rental cars) in 2012, Sonata’s record sales this year come with a lower fleet mix and fewer rental car sales than last year, dropping from an 11 percent fleet mix in 2012 to a projected 9 percent in 2012. In the segment, only the Honda Accord had a lower fleet mix. Mid-size segment fleet sales will represent about 21 percent of total mid-size car sales in 2012. Most competitors, including those with all-new models, significantly increased sales to rental car companies and other fleets in 2012.
Sonata’s on-going sales success has been accompanied with not only low fleet mix but also very low incentive spending, yielding some of the highest residual values in the segment. According to Autodata, Sonata incentive spending through November is the lowest of all the top-ten best-selling mid-size sedans at just $1,350 per vehicle, more than 40 percent below segment average.
HYUNDAI MOTOR AMERICA
Hyundai Motor America, headquartered in Costa Mesa, Calif., is a subsidiary of Hyundai Motor Co. of Korea. Hyundai vehicles are distributed throughout the United States by Hyundai Motor America and are sold and serviced through more than 820 dealerships nationwide. All Hyundai vehicles sold in the U.S. are covered by the Hyundai Assurance program, which includes the 5-year/60,000-mile fully transferable new vehicle warranty, Hyundai’s 10-year/100,000-mile powertrain warranty, and five years of complimentary Roadside Assistance.