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Electrified model sales stayed strong in July even amid market challenges

EVs were on track to hit 7.8% of the new-vehicle market in July, according to S&P Global Mobility.
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Numerous automakers reported strong electrified-vehicle sales in July, according to industry reports, even as overall sales appeared to come in slightly below forecasts.

Kia America reported its best-ever July for electrified vehicles, which made up 18% of sales. And Kia’s EV sales for the first seven months of the year were 99% higher than the same period last year, per a news release.

“Kia anticipated the shifting market trends and we proactively responded by improving our range of sustainable electrified models including hybrid, plug-in hybrid and all-electric models,” Eric Watson, VP of sales operations, said in a statement.

Hyundai Motor America noted in a news release that it hit new July sales records for electrified models like the Tucson, Santa Fe, and Elantra HEVs, and that hybrid sales were up 67% YoY. Electrified vehicles made up a quarter of Hyundai’s sales mix for the month. Overall, sales were up 4%.

“Despite a challenging start to July as the CDK disruption began to resolve, Hyundai achieved a solid 4% increase in total sales, fueled by our HEV and EV lineup,” CEO Randy Parker said in a statement. Thousands of auto dealers were affected by a cyber attack on a major software provider in June.

Meanwhile, American Honda’s July sales rose 8% YoY. The Honda and Acura brands’ electrified sales exceeded 27,600 units, up 1.7% from a year ago. Ford’s sales were basically flat from a year ago, but hybrids and EVs were up 47% and 31.2%, respectively.

The latest results come during a bumpy time for the electric transition. Some consumers are holding back from going electric because of concerns about battery range and charging, among other factors, and some automakers are pulling back on EV investments amid slowing demand.

Despite the growing pains, electrified models have continued to be a bright spot for some automakers; hybrids have been especially hot.

In its July forecast, S&P Global Mobility estimated that EV sales would reach 7.8% of the market.

Elizabeth Krear, VP of JD Power’s EV practice, noted in a statement that while retail sales of premium EVs are down, driven by Tesla’s woes, “the mass market segment is up 63%,” which she attributed to better product availability: “As availability and affordability continue improving in the mass market segment, EVs will attract more mainstream shoppers, but growth in charging infrastructure remains a critical part of the equation.”

Keep up with the innovative tech transforming business

Tech Brew keeps business leaders up-to-date on the latest innovations, automation advances, policy shifts, and more, so they can make informed decisions about tech.

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