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.

Leave a Reply

Your email address will not be published.

Recent Posts

Cryptocurrency Market Updates: Bitcoin Could Hit $500,000 Per Coin

Cryptocurrency Market Updates: Bitcoin Could Hit $500,000 Per Coin

On March 15, Novogratz went so far as to predict that the Bitcoin future price will reach half a million dollars per coin by 2027. He made this statement at the Bitcoin 2022 confer
1 hour ago
Klarna CEO Uses Pre-Recorded Message For Laying Off Employees

Klarna CEO Uses Pre-Recorded Message For Laying Off Employees

Managers and HR personnel must be coached on how to compassionately convey the message as it is one of the most difficult conversations an individual can have. Open and honest comm
3 hours ago
China Might No Longer Be An Apple Manufacturing Country

China Might No Longer Be An Apple Manufacturing Country

The iPad manufacturer has previously sought to remove China as the main Apple manufacturing country. Trade tensions and a strict Covid-19 policy has previously resulted in supply c
1 day ago
D.C. Refuses to Let Zuckerberg Wash His Hands Off Cambridge Analytica

D.C. Refuses to Let Zuckerberg Wash His Hands Off Cambridge Analytica

In the same year, Racine had sued Meta, then known as Facebook, for failing to protect user privacy and deceiving them about how much data is collected and how it was used. The Att
1 day ago
Electronic Arts Shops Around For a Buyer

Electronic Arts Shops Around For a Buyer

However, Byers sheds light on the most recent Electronic Arts news saying, “Several sources familiar with these talks say EA has been persistent in pursuing a sale, and has only
2 days ago
EV Adoption Rates Helps Bring Down Global Oil Demand

EV Adoption Rates Helps Bring Down Global Oil Demand

Although electric car adoption rates are heartening, it is the electric two- and three-wheeler segment that has brought about a major shift in demand for oil. Especially popular i
2 days ago