Hyundai Motor Bets on 7 New Models to Reverse Sales Slump

Hyundai Motor is gearing up to launch seven new vehicle models in the latter half of 2024, aiming to rebound from a significant sales decline. The company's global sales dipped below 2 million units in the first half of the year, marking the first time this has happened in four years. This strategic push includes revitalized versions of its best-selling Avante sedan and Tucson SUV, as well as the highly anticipated Genesis GV90, the luxury brand's inaugural all-electric full-size SUV.

The "All New Avante," revealed at the Busan Mobility Show, is set to go on sale in August, serving as a key model for domestic sales. Following closely, the new Tucson SUV, a global bestseller with over 7 million units sold since its 2004 debut, will be unveiled in August, targeting major markets like North America and Europe. The Genesis GV90, expected in the third quarter, represents a major step into the premium electric SUV segment, built on Hyundai's next-generation eM electric vehicle platform and projected to cost between 130 million and 200 million won.

Hyundai's aggressive new model strategy aims to counteract a challenging first half, during which its global sales decreased by 4.9% year-over-year to 1,966,267 units. The domestic market saw an even steeper decline of 10.8%, while its sister company Kia experienced a 7.0% increase in sales. This disparity is attributed to Kia's stronger electric vehicle lineup and consistent sales from models like the Sorento.

In response, Hyundai is prioritizing eco-friendly vehicles, particularly hybrids, in its new releases. The updated Avante will offer a hybrid variant alongside its gasoline engine options, and the Tucson will also emphasize its hybrid model, which already accounts for nearly half of its domestic sales. Hyundai aims to expand market share through these competitive new offerings and optimized production strategies.

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We will expand market share by launching proven competitive vehicles such as the All New Avante and Tucson, and by implementing production and sales optimization strategies.