Sedans seem to be dwindling in the automotive market as a whole, but not at your Hyundai dealership for the foreseeable future.
The automaker is banking hard on sedans by ramping up production of the Elantra and Sonata for 2024. Not only that, but Hyundai recently garnered several awards for its Ioniq 6 EV sedan.
Is There Still Room for Sedans?
It’s no secret that crossovers and SUVs have taken over the American auto market hugely. Some brands have trimmed their lineups to only include crossover and SUV options. This means that traditional vehicles like sedans, compact coupes, and minivans have fallen by the wayside. However, some automakers still believe in the sedan.
Hyundai is one of those automakers. Its Elantra and Sonata sedans recently received updates and Hyundai is looking to sell a lot more of the two models in 2024. Hyundai Motor North America is hoping for double-digit sales growth for the Elantra and the Sonata. The company believes that selling more of the sedans will be a key factor for profitability in 2024.
Although Hyundai doesn’t want to overproduce, the company does want to ensure that Hyundai dealerships around the country are well-stocked with all the available trims and versions of the Elantra and Sonata sedans. Thanks to higher interest rates, many car buyers are looking for more affordable vehicles.
Making Up for Lost Sales
Hyundai sold 801,195 vehicles in 2023, which was an 11% increase over the 724,265 vehicles sold in 2022. Another 10% increase in 2024 would mean 881,315 vehicles sold. Unfortunately, Hyundai’s goals are already off to a rough start with the automaker only moving 47,543 vehicles in January, which is down 9% from January 2023.
The updated Hyundai Elantra just hit the market last fall and 6,900 were sold in January, but that’s down 20% from sales of the Elantra last January. Some of the refreshed elements on the Elantra include a new front-end design with slim LED running lights. It starts at an affordable $22,775 with the top N trim going for $34,850.
The Sonata typically sells a lot less than the Elantra, but it’s been significantly upgraded with a new design, new technology, and AWD for the first time. The Hyundai Sonata starts at $28,650 and the top Hybrid Limited model starts at $38,350. Its sales also decreased by 36% this January vs last January.
A Work in Progress
The sedan push is a work in progress for Hyundai already this year. The bestselling vehicle for the automaker in January was the popular Tucson crossover. Over 11,000 were sold in January, but this is still a drop of 8% from last January. The most likely reason is slow sales in general as more customers are wary of the higher interest rates.
In 2023, Hyundai sold a total of 134,149 units of the Elantra and less than half that of the Sonata with 45,344 units sold. Together, the two sedans make up nearly 180,000 sales of the 801,195 that Hyundai achieved last year.
This post may contain affiliate links. Meaning a commission is given should you decide to make a purchase through these links, at no cost to you. All products shown are researched and tested to give an accurate review for you.