Hyundai Motor Company will launch nine new models including Avante and IONIQ 5 by next year to overcome a current setback.
According to South Korea’s leading automaker on Sunday, it has recently released the new Sonata in China, the first of many more upcoming launches of new cars including sedans, recreational vehicles (RV) and electric vehicles (EV). The overall design of the new Sonata, which was released in July, is similar to the 8th-generation Sonata, except that it is longer on the front and back – a change made to tailor it to the local market.
On the list of cars to be launched are sedans such as the new Avante as well as Mistra and Lafesta, which are designed for the Chinese market. It also includes RVs such as the new MPV, Custo, and Tucson. Palisade, a large-size SUV, will also be exported to and made available in China next month.
In terms of electric cars, following Mistra EV, IONIQ 5 will be launched to win over consumers in the largest EV market. IONIQ 5 is the first electric vehicle that is equipped with an EV platform. It is a mid-size crossover and can travel 450 kilometers on one charge.
After years of plummeting sales in China, Hyundai Motor Company is struggling to reverse the trend. It sold only 780,000 cars in 2017, a significant drop from 1.14 million in 2016. The figure then decreased even further to 650,000 last year. The market share has also declined from 5.1 percent to 3.1 percent.
“Hyundai Motor Company has failed to market itself as a luxury car brand and is now facing stiff competition from more affordable Chinese manufacturers,” said an industry insider. “Its future depends on whether the new launches will be able to help the company bounce back.”
Do-Hyong Kim email@example.com