Published December 03, 2012
Hyundai Motor Co <005380.KS> posted an 8 percent increase in U.S. sales in November on Monday as the industry rebounded from a storm-ravaged October while also benefiting from pent-up demand.
The South Korean automaker said sales hit 53,487 vehicles, up from 49,610 in the same month last year.
"The Black Friday sales period once again provided a strong boost for Hyundai in the back half of the month and helped break our all-time November sales record," Dave Zuchowski, executive vice president of sales, said in a statement, referring to the day after Thanksgiving.
"We were also very encouraged by the strong sales recovery experienced in those Northeastern regions that were ravaged by superstorm Sandy and expect continued momentum there for the balance of the year," he added.
The rest of the industry is scheduled to report November sales on Monday. Auto sales are an early indicator each month of U.S. consumer demand.
Several analysts expect U.S. industry sales of new cars and trucks to rise 11 percent to 13 percent in November, with the annual selling rate for the month finishing in the range of 14.7 million to 15.3 million vehicles.
Superstorm Sandy hurt the last few days of sales in October, when results finished below expectations. In addition, the average age of cars on the road has risen to just above 11 years, and industry officials say that will continue to drive demand.
(Reporting by Ben Klayman in Detroit; Editing by Jeffrey Benkoe)