Hyundai: Charging Ahead with Growth and Investment

First Up 01/30/24

This month’s Testimonial Tuesday is AIADA Incoming Chair Anthony Brownlee and owner of Brownlee Automotive for Moss Adams.“The staff at Moss Adams have been outstanding to work with. They have a deep understanding and knowledge of the accounting and regulatory issues facing retail car dealers. Staying current of the changes gives me a peace of mind when it comes to the accounting and regulatory environment.” Click here to learn more about Moss Adams.

Hyundai: Charging Ahead with Growth and Investment

Hyundai Motor America and its dealers, like the rest of the industry, spent much of last year recovering from the inventory shortage that spun out of the pandemic. With supply constraints now solidly in the rearview mirror, Hyundai can focus on strengthening its position in the marketplace. "If I had to describe Hyundai right now in two words, it would be growth and investment," said Kevin Reilly, owner of Alexandria Hyundai in Virginia and chairman of the Hyundai National Dealer Council. "My father was one of the first 15 Hyundai dealers in the nation, and I sold my first Hyundai in 1987 — a Hyundai Excel. I've seen the evolution of the franchise over the years, and right now we're in a period of substantial year-over-year growth," Reilly tells Automotive News. Hyundai closed 2023 up 11 percent with sales of 801,195. It was the third year in a row of record retail sales, and December marked the brand's 17th consecutive month of year-over-year sales growth. "Across every aspect, I see the massive investments that are being made at every level, and it's all in lockstep between the dealer and the manufacturer," Reilly said. Click here for the full story.

Toyota Chairman Akio Toyoda Predicts Maximum EV Share of 30%

Toyota chairman and former company CEO Akio Toyoda expects the electric vehicle segment to reach a maximum market share of just 30 percent, regardless of what the automotive industry does to spur growth. The chairman, grandson of company founder Kiichiro Toyoda, shared his perspective on the global EV market while answering questions during a recent presentation on the Japanese automaker’s manufacturing strategy. According to his remarks, Toyota will pursue a multi-pathway approach to cut emissions, leveraging battery-electric vehicles (BEV) alongside cars with hybrid, hydrogen, or internal combustion engine drivetrains. The executive predicted that these other models would eventually account for 70 percent of the market, reports CBT News. However, Toyoda predicted that fully electrified products will only comprise 30 percent of sales “no matter how much progress BEVs make.” The chairman’s comments are at once both unsurprising and surprising given his history with the company. During his tenure as CEO, Toyoda refused to prioritize EV development, arguing battery-powered cars were unpopular with consumers and presented too many challenges, choosing instead to invest heavily in hybrid and hydrogen drivetrains. Click here for the full story.

Air Mobility Meets Autos: Stellantis, Toyota, Hyundai Bring Manufacturing Muscle To New Market

Some of the auto industry's biggest companies hold sky-high hopes for diversifying their businesses beyond ground vehicles. Toyota Motor Corp., Stellantis, Hyundai Motor Group and Mercedes-Benz Group have invested in air mobility startups, and they're nearing a point where those investments and a fledgling industry could soon take flight, reports Automotive News. Electric vertical takeoff and landing aircraft, or eVTOLs, could be produced by the thousands in factories underpinned with automotive mass-manufacturing expertise. These aircraft could whisk passengers above congested urban roads at a cost about 20 to 30 percent more than a comparable Uber Black ride, according to a Hyundai executive. Hyundai air mobility subsidiary Supernal underscored the deepening ties between the automotive and aviation industries this month at CES, where Supernal unveiled its S-A2 aircraft, scheduled to begin service in 2028. Days before that unveiling, Stellantis bought more shares of Archer Aviation stock. Honda, long-running manufacturer of its Honda Jet, has its own internal eVTOL efforts afoot. Click here for the full story.

Cheapest SUVs of 2024

There is no doubt that cost is the number one decision maker when it comes to purchasing a vehicle. As prices continue to climb, affordable choices are getting harder to find, so we dug through what's available to find the least expensive SUVs in the most popular classes. These prices are current as of January 2024, using available manufacturer suggested retail prices for 2024 models wherever possible. The prices include destination fees, but not dealer markups or incentives, reports Autoblog. Cheapest small SUV: 2024 Hyundai Venue Not surprisingly, the most affordable SUVs are the smallest. There's a whole host of subcompact SUVs out there, with some of the first introduced being the Nissan Juke, Mini Countryman, and Kia Soul. In the beginning, these micro utes were marketed to empty nesters and first-time buyers, but nowadays they represent an alternative to the conventional sedan and have been increasing market share ever since. Profit margins in this class are narrow and popularity is high, which means the entrants are competitively priced. Click here to see the full list.

AIADA Affinity Partner Happenings at 2024 NADA Convention

AIADA's Member Benefits Program is one of the most valuable services AIADA provides to its members. AIADA partners with best-in-class companies to provide members with exclusive values on the goods and services they need to succeed in a competitive business environment. While you're in Las Vegas, make sure to check out AIADA's Affinity Partners. Click here for a quick reference guide on where to find them at NADA 2024!

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