[Concall] Hyundai Motor "Aiming for 4.8% Market Share in US This Year... Expanding SUV and Genesis"

Expansion of SUV-Genesis Sales Share with Tucson in Q1 and GV70 in Q2

[Asia Economy Reporter Yu Je-hoon] Hyundai Motor Company has set its target market share in the U.S. automotive market at 4.8% for this year and plans to expand sales of its profitable sport utility vehicles (SUVs) and Genesis brand. Hyundai announced this during its earnings conference call on the afternoon of the 26th.

According to Hyundai, its market share in the U.S. last year was 4.4%, up 0.2% from the previous year. Although U.S. industrial demand decreased by about 15% last year due to the impact of the COVID-19 pandemic, the approximately 10% increase in SUV sales offset this decline.

Hyundai explained, "The increase in market share last year was due to SUV sales, such as the Palisade, rising by about 10% compared to the previous year," adding, "The proportion of SUVs among total vehicle sales also increased from 52% in 2019 to 63% last year."

Hyundai aims to sell a total of 720,000 units in the U.S. market this year, focusing on key models such as the Genesis GV80 launched at the end of last year, the Tucson scheduled for release in the first quarter, the Genesis GV70 planned for the second quarter, and the Santa Cruz and Ioniq 5 expected in the second half of the year. Hyundai stated, "We will strengthen profitability in the U.S. market through a sales strategy focused on profitability," and added, "We plan to focus on SUV sales this year, increasing their share to 66%, and also raise Genesis's share from 2.6% last year to 6%."

Furthermore, Hyundai plans to actively introduce eco-friendly models such as the Santa Fe Hybrid to increase the share of eco-friendly vehicle sales in the U.S. market from 3% last year to 10%.