U.S. light-vehicle sales rose again in August at Hyundai and Kia, helped by the highest industry inventory levels in two years and increasing incentives that helped offset higher interest rates for consumers.
It was the 13th consecutive month of U.S. sales gains for the two Korean brands, and is expected to lead off a strong sales report Friday for an industry that was severely inventory constrained a year ago.
“The supply recovery continues to improve across the country, and this is leading to the market’s sales gains this year," said Charlie Chesbrough, senior economist at Cox Automotive, who noted that with improved supplies, sales incentives had also worked their way back into the mix.
Hyundai Motor America said U.S. sales during the month improved 1.1 percent to 65,046 vehicles while Kia America reported a gain of 9.2 percent to 72,147 vehicles.
Hyundai's luxury brand Genesis said sales during August surged 27 percent to 6,453 vehicles.
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