[Asia Economy Reporter Woo Su-yeon] The domestic large SUV market is rapidly growing due to the popularity of the domestic sports utility vehicle (SUV) Palisade and this year's most anticipated model, the GV80.
According to the five domestic automakers (Hyundai, Kia, SsangYong, GM Korea, Renault Samsung) on the 26th, the domestic large SUV market in 2019 reached 75,218 units, a 167% increase compared to the same period last year. This figure is the combined annual sales of each company's large SUV models: Hyundai's Palisade and Maxcruz, Kia's Mohave, GM Korea's Traverse, and SsangYong's G4 Rexton.
Until 2018, the domestic large SUV market was less than 30,000 units, but with the launch of the Palisade at the end of the year before last, it expanded to about 75,000 units in 2019. Last year, the Palisade sold 52,299 units, accounting for about 70% of the entire large SUV market.
With the popularity of the Palisade bringing new attention to the large SUV market, new models such as the facelifted Kia Mohave and GM Korea's Traverse were released one after another, expanding the market share. Mohave sales increased by 18% year-on-year to 9,238 units, and the Traverse, launched last year, recorded sales of 842 units.
However, SsangYong's G4 Rexton, which has not yet released a new model, saw a decline in sales due to direct competition with the Palisade. Last year, the G4 Rexton sold 12,839 units, a 23% decrease compared to the previous year.
Additionally, with the release of the Genesis GV80, this year's most anticipated model, expectations are rising that the domestic large SUV market could exceed 100,000 units in annual sales. The GV80, Genesis's first SUV and a large SUV class model, recorded sales of over 15,000 units from the first day of its launch. With an annual sales target set at around 24,000 units this year, it is expected to make a significant contribution to the expansion of the large SUV market.
The absolute leader in the large SUV market, the Palisade, is also expected to lead market expansion by increasing supply compared to the previous year. Last July, Hyundai Motor Company and the labor union agreed to produce the Palisade not only at Ulsan Plant 4 but also at Ulsan Plant 2.
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