Home » Business » Autotalk Special
Hyundai to unveil refreshed SUV in March to revive key market sales
Print Edition
Hyundai Motor will in March unveil the first major makeover of its top-selling Tucson sports utility vehicle in six years in a bid to revive growth in key markets like Europe and the United States where SUV sales are now strong.
The debut follows what analysts say was a sluggish start last year for the South Korean automaker’s flagship Sonata sedan in the US and Korean markets. Hyundai, which with affiliate Kia Motors is the world’s fifth largest automaker, is also facing stiff competition from Japanese firms as the yen weakens. Last year, Hyundai lost market share in both Europe and the US. Analysts said the company needs to offer customers more options in the SUV segment.
“The new model should help lift Hyundai sales, but market conditions are tough now. Differentiating the Tucson from the rest of the pack will be challenging,” said Ryu Yen-wha, an analyst at IM Investment & Securities.
Hyundai’s US sales inched up 1 percent in January from a year earlier, lagging the market’s 14 percent gain, which was fueled by sales of SUVs and trucks. Hyundai is optimistic about the prospects of the relaunched Tucson, which is expected to ride the global SUV boom, a spokesman said.
Tucson, a compact SUV, is Hyundai’s top selling vehicle in western Europe and is also one of its biggest sellers in China, the US and South Korea, its top three markets.
Hyundai has recently unveiled a teaser video in which chief designer Peter Schreyer introduced a sketch of the new model ahead of its March 3 debut at the Geneva auto show.
Hyundai’s growth prospects have been clouded by declines in the rouble, which cuts its earnings from major market Russia, and the weaker yen. These concerns have fueled investor anger triggered by its purchase of a US$10 billion Seoul property last year for three times its appraised price.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
