Hyundai Motor Corp. May Develop Premium SUVs to Cater to Growing Demand

Hyundai Motor Corp.

Hyundai Motor Corp. May Develop Premium SUVs to Cater to Growing Demand

South Korea’s biggest auto manufacturer – Hyundai Motor Corp. may develop a large premium sport utility vehicles (SUVs) to supply to growing demands for the segments, after sales of its lineup of predominantly sedans has declined.

The auto manufacturer is seeking to launch a bigger premium SUV, but hasn’t decided in which vehicle platform it will be based on, as stated by the company in an email, and a source reported SUV plans earlier on Monday.

The auto producer – Hyundai that offers four SUV car models, and 10 sedans in its home market, has spurted out a worldwide boom in utility vehicles shinning in part by a decrease in gasoline prices. A stronger won is also undermining the auto manufacturer’s ability to beat against the likes of Japan’s Toyota Motor Corp. in key markets, including the U.S.

An analyst at Kyobo Securities Co. – Kim Dong Ha said in a telephonic talk that the company’s target market for all its vehicles will probably be the U.S., where SUVs have been in demand lately. Further, he added that by developing bigger SUVs models, it will help Hyundai to bolster its line-up, but the fuel prices will remain inconsistent, that is – a bigger SUV will need the fuel prices to remain low for their models to be successful.

Today, in Seoul trading, Hyundai share declined up to 2.6 per cent as of 12:06 p.m. The stock has slumped around 21 per cent this year.

Additionally, none of Hyundai’s models ranked among as the top best-selling SUVs in the first quarter in china – the biggest for Hyundai Motor Corp. Hyundai debuted a version of its new model – Tucson SUV at the shanghai auto show event, in April, and said that in June 2, it will introduce its new Hyundai Creta SUV in India in the next half of this year.

Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Recent Posts

At the next Krispy Kreme IPO, the donut maker aims to raise nearly $4 billion

At the next Krispy Kreme IPO, the donut maker aims to raise nearly $4 billion

The donut maker Krispy Kreme aims to become a champion in the stock market by targeting an estimate of approximately $4 billion in the next IPO
38 mins ago
Panasonic hopes Blue Yonder acquisition will improve its software woes

Panasonic hopes Blue Yonder acquisition will improve its software woes

Most Japanese major companies, which at one time were leaders in consumer electronics, are struggling to find their feet in a world that has moved to digital software. Electronics
18 hours ago
Ikea and Rockefeller Foundations to raise $10 billion for renewable energy projects in poor countries

Ikea and Rockefeller Foundations to raise $10 billion for renewable energy projects in poor countries

The Ikea and Rockefeller foundations are jointly launching a $10 billion fund to promote small-scale renewable power projects in developing nations. Both
2 days ago
EC initiates another probe into Google’s adtech practices

EC initiates another probe into Google’s adtech practices

EU antitrust regulators are planning a formal investigation into Google’s digital advertising practices by the end of this year. Google is already facing unprecedented regulatory
2 days ago
Some Microsoft employees stayed at data centers during Pandemic to keep all systems going

Some Microsoft employees stayed at data centers during Pandemic to keep all systems going

The Covid-19 pandemic ravaging the world for more than a year has forced companies and organizations to find viable solutions to keep the business going. Most found a solution in w
3 days ago
Meme stocks frenzy and 3 companies to follow

Meme stocks frenzy and 3 companies to follow

The doom and gloom about the stock market that has been predicted since the pandemic started has abated somewhat with the resilience shown by investors (helped by low-interest rate
3 days ago