Hybrids have pulled Toyota $TM out of a two-month rut and are helping Hyundai and Kia post record sales numbers for August. That’s not too shabby for a vehicle type that is quickly being seen as a really strong compromise between regular internal combustion-powered vehicles and all-electric cars.
Honda $HMC also saw sales rise in August thanks, in part, to the hybrids up and down its lineup. Sales of the brand were up 28 percent for Honda, but they were down for the eighth straight month over at Acura. From Automotive News:
Toyota said its August sales of electrified models rose 49 percent to 94,509, or almost half – 48 percent – of its U.S. deliveries during the month, nearly all of them gasoline-electric hybrids.
Hyundai said deliveries jumped 22 percent to 79,278 last month while Kia volume rose 4.3 percent to 75,217.
It was the second consecutive monthly gain for Hyundai. Hybrid models posted an increase of 81 percent last month, Hyundai said, led by two core crossovers, the Santa Fe, up 120 percent, and Tuscon, up 97 percent. Fleet represented 7 percent of August volume, or about 5,550, the company said.
Kia said its crossover deliveries jumped 9 percent, while EV sales rose 27 percent, driven by the new EV9 three-row crossover, and plug-in hybrid volume increased 43 percent, with overall deliveries of electrified vehicles advancing 9 percent.[...]U.S. auto sales are projected to rise 7 to 8 percent last month, based on estimates from Cox Automotive, S&P Global $SPGI Mobility and J.D. Power/GlobalData. Average transaction prices are falling as inventory rises and incentives increase. August also had 28 selling days, one more than August 2023, and five weekends, including Labor Day weekend, traditionally a key period for promotions and sales.
Hybrids are also sort of hurting EVs, aided by competitive pricing that is cannibalizing EV sales. Battery-powered cars and light trucks will account for just nine percent of industry deliveries in the U.S. this year. That’s down from the previous forecast of 12.4 percent.
These types of cars are just in very high demand right now. Auto News says some Toyota dealers tell them that customers are waiting two or three months just to take delivery of a new hybrid.