“U.S. customers who used to drive Toyota, Honda, and Chevrolet are now switching to Hyundai’s models following the launch of the Palisade. We will achieve a 100-million-unit sales goal in the U.S. market by 2025, as well as the successful performance of our luxury brand, the Genesis.”
This was the forecast and future goals for the U.S. automotive market unanimously voiced on Thursday (local time) by José Muñoz, Global Chief Operating Officer of Hyundai Motor Company and the president and CEO of Hyundai Motor North America, and Mark Del Rosso, CEO of Genesis Motors North America at the Hyundai Motor America (HMA) headquarters in Fountain Valley, California.
Hyundai Motor Company’s U.S. sales record in 2019 was about 717,000 units. The 4.7 percent jump from the previous year was clearly a positive sign, especially considering that the U.S. automotive market decreased 1.1 percent in size compared to 2018.
Since the South Korean automaker rolled out the Palisade, a large SUV model, to the U.S. market in the second half of 2019, it has been now offering a full SUV line-up. The Elantra and the Tucson are driving overall sales, with about 168,000 units and 137,000 units, respectively. The Palisade, which is competing with Japanese and U.S. brands, has been recording over 5,000 units per month since its launch, contributing to the company’s robust sales.
“While major U.S. auto companies are abandoning the sedan, Hyundai’s new Sonata, which will be the focus of our marketing efforts, is garnering very positive reactions from dealers,” said COO Muñoz. Along with its full SUV line-up and new Sonata and Avante models, Hyundai Motor Company has moved up its 2020 sales goal to 728,000 units, a 2.5 percent increase from last year.
Luxury brand Genesis is another option to target the U.S. market. The Genesis consisting of three sedan models – G70, G80, and G90 – sold over 21,000 units in 2019, which was more than double the sales volume of around 10,000 units in 2018. The GV80 – the Genesis’ first SUV model – will be launched in the U.S. market this summer with an expectation to boost the brand’s sales further more this year.
“The G70, a luxury sports sedan, has been proving its competitiveness by winning a host of awards, including the ‘2019 North American Car of the Year,’ in the first year of its launch,” said CEO Del Rosso. “Now is the opportunity to broaden the Genesis’ foothold in the U.S. market.”
Do-Hyong Kim email@example.com