The Hyundai Sonata is the oldest car in its segment and a new model is expected next year. Normally, when a car is about to be replaced by the next generation of that model, automakers usually start increasing incentives to move the metal. Sonata sales are down 11% from last year. Now, Hyundai has slashed production of its midsize car, allowing it to reduce incentives to the second lowest in the segment. Average incentive spending on the Sonata is down to ~$2,200. Only Honda’s Accord, with about $840 in incentives available is discounted less.
Production of the car is also down 11% through October. That has freed up capacity for the Elantra compact, whose sales are up 21% year to date. Both cars are assembled for the U.S. market in an Alabama factory.
An all-new Sonata is expected to be introduced next April at the New York Auto Show. The current model has been on sale since 2011.
Hyundai currently has a 42 day supply of the Sonata compared to the the segment average of 76 days.