It Appears Only 1 Automaker Is Going To See Positive Sales Growth This Year
Sure, it’s the holiday season, prime shopping time, and the time to say goodbye to 2022. For automakers, however, December signifies the time of year to look back at revenue and sales numbers. With a full year of back-to-normal market conditions, this year’s units sold will be more telling of a company’s success rate. While December numbers are still unknown, there appears to be only one auto brand that is going to expect positive sales growth this year. Genesis is the only brand taking a victory lap in this sales study, and it signifies that despite being a newer and smaller company, Genesis is certainly doing something right.
Genesis was the only brand with positive year-over-year growth
You might assume that sales numbers only paint one picture in their raw data form. So, Genesis may not, at first glance, look like a sales giant. But there are several stories coming out of the year-end revenue review snapshot provided by GoodCarBadCar.
Some of the automakers with the highest volume of sales include the likes of Ford and Toyota. But another dataset suggests that compared to 2021 revenue, neither of those brands appears to see positive growth.
In fact, only one automaker in this review seems to be tracking positive growth. Genesis sold 44,361 units in 2021. And according to the numbers already in for 2022, not counting December’s sales, the luxury brand has already surpassed that figure, clocking 50,049 units sold this year.
Sure, those aren’t sales numbers that rival the sheer volume of others. However, it does signify that Genesis, producing vehicles like the daily driver-worthy Genesis G70 and the GV80, is doing something right and continues to grow in popularity among consumers.
Some of the sales data is limited
Genesis isn’t the only automaker to make reliable vehicles, but it may be the only one showing sales growth. But there are other notable exceptions to consider. The dust hasn’t officially settled on 2022 and won’t until December sales figures are tallied.
Also, this particular analysis shows a few big-name and popular selling brands missing from the calculations, including Nissan, Chevy, and GMC. As part of this study’s disclosure, results were not provided for other big-name brands like Jeep, Dodge, Buick, or Fiat either. Only when all the automakers disclose their final and official sales results can a true metric be assessed.
For now, Genesis is showing some impressive growth in popularity among consumers. Even when breaking down the units sold by quarter, you can see improvement for the automaker year-over-year. For example, in Q3 2021, Genesis sold 15,022 vehicles. Though just a mild improvement, Q3 2022 boasted 15,131 in unit sales. It’s not a huge difference, but it’s better than regression.
How did Genesis sales manage to grow?
So, how can a little new car company take the lead and demonstrate growth in such tough market conditions when so many others struggle? Electrification and innovation may have something to do with it.
While other manufacturers are trying to “go electric” and introduce various hybrid, plug-in hybrid, and EV models, Genesis defined itself with a few all-electric vehicles. The Genesis GV60, the reliable GV70 EV, and the G80 EV have all been well-received among consumers. And the sales shows.
Automotive News says Genesis still feels like the industry’s best-kept secret. And Genesis’ COO for North America, Claudia Marquez, agreed the new automaker still needs brand and marketing pushes.
Year-over-year growth has been “outstanding,” Marquez said. But more brand awareness is needed to help Genesis take its place among the legacy brands. At the rate it sells cars, that could be sooner.
As the year-end review metrics come in for industry evaluation, it’s clear that 2022 was better for most automakers than 2020’s pandemic bottom drop. But so far, in a year-over-year assessment of sales, it’s Genesis that seems to be the only one surging.