Toyota, Hyundai, Kia post double-digit gains as stockpiles keep falling

Toyota Motor Corp., Hyundai and Kia racked up another month of solid U.S. sales gains in July, even as inventories continue to fall broadly across the industry because of severe microchip shortages and other supply-chain disruptions.

Sales rose 33 percent last month at Toyota Motor, with the Toyota and Lexus brands each posting similar double-digit gains. Overall, Toyota Motor said car demand increased 42 percent and light truck deliveries jumped 29 percent. 

The company said it ended July with 140,939 cars and light trucks in dealer and port stocks — equal to a 17-day supply — but down 13 percent from 161,120 at the end of June and off 47 percent from 266,131 at the end of July 2020.

Volume rose 19 percent to 68,500 last month at Hyundai, with the brand’s retail deliveries setting a July record of 61,227, a gain of 14 percent. Only three models — Ioniq, Palisade and Veloster — posted lower sales last month. Hyundai said it ended July with 46,113 cars and light trucks in U.S. dealer stock, down 65 percent from July 2020 and off 32 percent compared to the end of June.

Kia, with one of the lowest inventory levels in the industry, said deliveries rose 34 percent to a July record of 70,099.

At Genesis, volume rose 312 percent to 5,180, marking the first time the luxury brand has topped the 5,000 unit mark in a month. Genesis’ two crossovers continue to easily outsell combined deliveries of the brand’s three sedans.

Honda Motor Co., Mazda, Subaru and Volvo will report July U.S. sales later Tuesday, and Ford Motor Co. is expected to report results for the month on Wednesday.

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