In an unexpected turn of events, U.S. auto sales for Ford Motor and Hyundai Motor skyrocketed in May as buyers rushed to secure their purchases amidst looming tariff threats. The automotive industry has been engulfed in uncertainty due to President Donald Trump's tariff policies, resulting in increased supply costs and pricing pressures for automakers. Ford reported a significant overall sales increase, with 220,959 units sold in May compared to 190,014 units a year earlier. The surge was largely driven by a 15% boost in F-Series truck sales, reaching 79,817 vehicles for the month.
Hyundai also experienced a remarkable 8% year-on-year sales growth in the U.S., with 84,521 vehicles sold in May. Randy Parker, CEO of Hyundai Motor America, disclosed that consumer demand witnessed an upsurge in March and April, with concerns over potential tariff-related price hikes prompting individuals to expedite their vehicle purchases. Despite this, no immediate changes were made to the sticker prices of Hyundai vehicles in response to tariffs.
Although Hyundai implemented a price protection program in April to shield customers from price increases until June 2, the company decided not to extend the initiative. Parker emphasized that the regular annual pricing review is based on market dynamics and consumer demand, independent of tariff-related influences. Despite the uncertainties in the industry, the automotive giants managed to navigate the challenges and drive up sales through attractive offers and trade-in deals, enticing buyers towards affordable pickups and crossovers.